- The plant-based meat provider, Beyond Meat (BYND, $13.35), intends to lay off 200 employees, around 19% of its workforce, due to declining sales.
- The move comes from the company's plans to reduce costs after hitting its 52-week low of $12.76 last week, putting its market value below $900M. Keeping these changes in mind, Beyond Meat’s 2022 net revenue is projected to decrease between 14% and 9% compared to 2021.
- As part of the job cuts, the chief growth officer/North American president position was eliminated and the chief financial officer will be stepping down. It is unclear whether such workforce loss will help or inhibit profitable growth.
Why it matters
Beyond Meat is not alone in trimming its workforce. Other companies like Warner Bros (WBD, $12.45) and DocuSign (DOCU, $44) are doing the same due to the economic downturn.