Beyond Meat Cut 20% of Its Workforce, and More Bad News Is Coming
Beyond Meat (NASDAQ: BYND) announced on Oct. 14 it was slashing about one-fifth of its workforce as inflation takes a bite out of sales, leading the plant-based meat company to reduce its full-year revenue outlook. Despite cutting costs to the bone, it's increasingly difficult to see how Beyond Meat can break out of this rut.
The company maintains it is on track to save $39 million over the next year and turn cash-flow positive by the second half of 2023, but as consumers are pinched by rising costs, they're not finding faux meat products to be a worthwhile option.
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Source Fool.com
