Beyond Meat Inc. shares fell after the plant-based food company issued a revenue warning, announced a fresh round of job cuts, and fired an executive who allegedly bit a man’s nose. Inflation is also to blame, the company said in a statement.
Beyond Meat Inc. shares fell on Friday, after the plant-based food company issued a revenue warning, announced a fresh round of job cuts, and fired an executive who allegedly bit a man’s nose.
Inflation is also to blame, it said, “as consumers trade down into cheaper forms of protein, including animal meat.” “However, given it is dealing not only with operational but demand issues, we do not believe Beyond Meat has even near-term sightlines,” analysts Brian Holland and Jacob Henry wrote in a note to clients. “Net, we don’t view today’s actions as an inflection and anticipate more pain before the business can stabilize, if ever.”
The suspension came after Ramsey allegedly bit a man’s nose during an altercation in Arkansas, as MarketWatch previously reported. Ramsey was arrested in September and charged with third-degree battery and “terroristic threatening.” Jonathan Nelson, senior vice president of manufacturing operations, who was put in place to oversee operational activities on an interim basis, is now in that role on a permanent basis, said the filing.
The company said the job cuts account for about 19% of its total global workforce. It will book a roughly $4 million one-time cash charge in the third quarter to cover the cuts.
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