Beyond Meat Inc. shares tumbled after the maker of alternative burgers lowered its full-year sales outlook and said it will cut about a fifth of its global workforce, including several top executives.
The company, which has been hit by a shift away from plant-based eating as inflation surges, said it now sees net revenue of $400 million to $425 million. Thats down from previous guidance of $470 million to $520 million.
Beyond Meat also said its cutting about 200 jobs, or roughly 19% of its workforce. It also announced the departure of its chief operating officer, chief financial officer and chief growth officer.
The shares fell 10.5% in premarket trading.
reported Thursday that Beyond Meat was conducting further layoffs, following a round of cuts made in August.
The onetime Wall Street darling faces mounting challenges as rising prices drive consumers toward less-expensive animal proteins and competition intensifies. Major fast-food partnerships have failed to gain traction, and the company has struggled to ramp up production.
COO Doug Ramsey, who was suspended in September after he was arrested on allegations that he bit a mans nose, is leaving the company, Beyond Meat said Friday. The incident occurred during an altercation after a college football game in Fayetteville, Arkansas.
CFO Philip Hardin is stepping down to pursue another opportunity, the company said. Lubi Kutua, the vice president for financial planning & analysis and investor relations, will take over that post.
Deanna Jurgens, the president of North America and global chief growth officer, is also leaving, and that role is being eliminated.
(Updates with executive departures)