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Beyond Meat to cut 200 jobs due to Rising Inflation

Industry: Meat Substitutes
Current: Company Performance

Beyond Meat Inc., lowered its forecast for yearly revenue in 2022 due to rising costs and said it will lay off 200 employees, or 19% of its workforce
The company said that consumers are switching to less expensive sources of protein such as animal meat because of increased competition and increasing inflation
The company's shares dropped 7% in premarket activity after Beyond Meat disclosed that it will incur a one-time charge of about $4 million for the job losses in Q4 2022

Beyond Meat lowers Annual Revenue Forecast Amidst Job cuts

Due to an increase in prices, faux meat producer Beyond Meat Inc. lowered its annual revenue prediction for 2022 on October 14 and announced that it will lay off 200 employees, or 19% of its workforce. The company attributed the lower estimate to increasing competition and inflation, which are prompting consumers to switch to less expensive sources of protein such as animal meat.

The total revenue and net profit increased significantly in 2022 in comparison to that in 2021, according to GlobalData.

Beyond Meat's share price fell 7% in premarket trade after the company announced that it will take a one-time charge of around $4 million for the job cuts in the fourth quarter of 2022.

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