Beyond Meat is under heavy selling pressure for one more day after the announcement that it plans to cut 200 employees by the end of the year which is almost 19% of its workforce and issued a revenue warning.
The company will take a $4 million one-time cash charge in Q3 to cover the job cuts. Revenues in the Q3 are expected at $82 million well below the analyst’s forecasts of $113 million. Now BYND expects 2022 revenue in the range of $400 to $425 million, with analysts forecasting $481 million.
Above that, the company fired its former Chief Operating Officer Douglas W. Ramsey after he was charged with battery for biting a man’s nose. Jonathan Nelson will be the next CEO.
The company has lost 79% of its value since the start of 2022. The market capitalization now stands at $848 million. Beyond Meat, stock hit an all-time high at $109.95 on October 14, 2021, and now the price is hovering close to all-time lows.
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