Beyond Meat Inc. shares undefined slid 10% in premarket trade Friday, after the plant-based food company issued a revenue warning, announced a plan to cut...
Beyond Meat Inc. shares BYND, +4.08% slid 10% in premarket trade Friday, after the plant-based food company issued a revenue warning, announced a plan to cut about 200 workers and said it's cutting other costs as it makes a strategic shift aimed at achieving positive cash flow operations. 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 of about $4 million in the third quarter to cover the cuts.
For the full year, it expects revenue to range from $400 million to $425 million, down from prior guidance of $470 million to $520 million. The FactSet consensus is for $481.0 million.
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