The latest indication that the market for plant-based eating has decreased is that Beyond Meat Inc. (Beyond Meat stock) has dropped its sales projection for the whole year and announced that it would slash around a fifth of its global employees. These layoffs will include some of the company’s senior executives.
Beyond Meat Stock Price
The market worth of the firm dropped below $900 million on Friday as a result of the decline in the price of its shares. As the plant-based food manufacturer tries to combat falling sales, the stock had already dropped by almost 78% before to the start of the trading day. The price of a share of stock (NASDAQ:BYND) dropped to a new 52-week low of $12.76 earlier this week.
The firm, which has been affected by manufacturing problems and fast inflation, which has caused clients to tighten their budgets, stated that it currently estimates net sales of between $400 million and $425 million. This is a decrease from the previously provided revenue projection of $470 million to $520 million.
Beyond Meat (NASDAQ:BYND) has announced that it will be eliminating around 200 employees, which accounts for approximately 19% of its total staff. They made the announcement that its chief growth officer, chief finance officer, and chief operating officer would be leaving the company.
Following a round of reductions that were made in August, Bloomberg reported on Thursday that Beyond Meat (NASDAQ:BYND) was executing more layoffs at the company.
At 9:59 a.m. local time in New York, the share price had dropped by 4.5%. Compared to three years ago, when the stock temporarily rose above $230 immediately after its first public offering, the current price of the company, which is trading around $14, is a far cry. Since June 2021, the price of each share has been moving steadily downward.
The once-beloved company on Wall Street is now facing increasing difficulties as growing prices push customers toward purchasing animal proteins that are less expensive and as competition increases. The firm has had trouble ramping up manufacturing, and major agreements with fast-food restaurants have not been successful in gaining popularity.
A positive cash flow is now anticipated for Beyond Meat (NASDAQ:BYND) in the latter part of the year 2023.
Beyond Meat (NASDAQ:BYND) said on Friday that Chief Operating Officer Doug Ramsey, who was previously suspended after being arrested in September on claims that he bit a man’s nose, will be departing the firm. The event took place in Fayetteville, Arkansas, after a college football game, during a confrontation that took place after the game.
According to the announcement made by the firm, CFO Philip Hardin would be leaving in order to seek another opportunity. This position will be taken over by Lubi Kutua, who is currently the vice president for financial planning and analysis as well as investor relations.
Additionally, Deanna Jurgens, who served as president of North America and global chief growth officer, has decided to leave the company,BYND, and this position will no longer be filled.
The category of plant-based foods has, in general, been less popular. According to statistics provided by IRI, the sales of refrigerated meat substitutes had a decrease of about 11% in the 12 months that concluded on October 2. JBS SA, the largest supplier of beef in the world, said earlier this month that it would be ceasing operations at its plant-based company in the United States, Planterra. Although it has said that its revenues are increasing, the privately owned company Impossible Foods Inc. let off around 6% of its workforce of 800 employees.
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Author Valerie Remorosa 
