‘Beyond Meat’ Forced to Lay Off 19% of Its Workforce Due to Declining Sales

SHARE
TWEET
Fake Meat Fail: 'Beyond Meat' Forced to Lay Off 19% of Its Workforce

Plant-based meat company Beyond Meat has been forced to lay off about 200 employees, or 19% of its workforce, due to declining sales and stock market losses, according to a regulatory filing disclosed Friday.

So, the apparent attempt to reengineer the global population’s eating habits in preparation for the World Economic Forum’s dystopian nightmare vision of “eating bugs” doesn’t seem to be going too well.

As Tech Crunch reported:

The company cited declining sales and said the layoffs are “based on cost-reduction initiatives intended to reduce operating expenses…and target cash flow positive operations within the second half of 2023.”

Beyond Meat expects the cuts to be completed by the end of the year.

Company shares, which opened Friday on the Nasdaq already 87% down from its 52-week high, fell even further in mid-morning trading following the layoff news. The stock hit a 52-week low of $12.76 earlier in the week, the last trading around $13.95, which puts the company’s market value below $900 million.

As part of the job cuts, the company said the role of chief growth officer/North America president was eliminated. Deanna Jurgens, who held that role, will leave the company on October 17.

Last month, Beyond Meat’s chief operating officer was arrested by police after biting a man’s nose during an altercation in Arkansas.

RELATED: Animal Rights Group PETA Calls to ‘Ban’ Meat-Eating Men from Having Sex

As The Daily Fetched reported:

53-year-old, Doug Ramsey, who became COO of Beyond Meat in December, was arrested on September 17 on charges of terroristic threatening and third-degree battery, the Washington County, Arkansas, information page said.

Ramsey was booked into the Washington County jail before being released the next day after posting an $11,085 bond.

Local television station KNWA/Fox24 reported the incident took place at a parking garage near Razorback Stadium in Fayetteville after Arkansas’ 38–27 win over Missouri State.

Ramsey’s arrest comes amid Beyond Meat’s disappointing sales results for its second quarter ended July 2, 2022.

The company reported a decrease of 1.6 percent year over year at net revenues of $147.0 million – missing out on the expected $149.2 million.

Gross profit saw a loss of $6.2 million, while net loss was $97.1 million ($1.53 per common share) versus the $1.18 forecast.

Beyond Meat’s president and CEO, Ethan Brown blamed growing inflation on the results.

“In second quarter 2022, we recorded our second-largest quarter ever in terms of net revenues, even as consumers traded down among proteins in the context of inflationary pressures, and we made solid sequential progress on reducing operating and manufacturing conversion costs,” Brown said.

NOTICE: Our comment section is currently disabled due to malicious attacks preventing our readers being able to comment properly. We are in the process are implementing a new system which will be live soon! Sorry for any inconvenience!

SHARE
TWEET
Telegram
Email
Reddit
Subscribe
Notify of
guest
4 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Ste
Ste
1 year ago

and many more
Layoff List: https://www.dailyjobcuts.com

Fritzi
Fritzi
1 year ago

They made a very tasty product but it was very expensive and I don’t believe there is a large market for meat substitutes. Either you want meat or you don’t. I suppose the market was people who thought that vegetarians substitute meat for something similar which isn’t generally the case.

Wharfplank
Wharfplank
1 year ago

Burgers this Wednesday…85/15 ground beef, baby.

Steve Bilson
Steve Bilson
1 year ago

That stuff is unhealthy…so just eat a real hamburger, enjoy the flavor and stop virtue signaling.

Breaking

Trending

Democrats Arrested for Election Fraud After Abusing Absentee Ballot System
Democrats Arrested for Election Fraud After Abusing Absentee Ballot System
Four Democrats in Connecticut are facing election fraud charges after they allegedly abused the absentee...
Jack Black Roasted after Endorsing Joe Biden: 'How Much Are They Paying You?'
Jack Black Roasted after Endorsing Joe Biden: 'How Much Are They Paying You?'
Actor Jack Black is receiving blowback after continuing to double down on his endorsement of Joe Biden,...
Nurse Who Exposed Illegal Kids Gender Program Gets Intimidating Visit from FBI Agents
Nurse Who Exposed Illegal Kids Gender Program Gets Intimidating Visit from FBI Agents
A nurse who helped expose an illegal gender program at a Children’s Hospital in Texas was captured...
Former Democrat Mayor of Detroit Endorses Trump: 'I Can Never Thank Him Enough for What He's Done for Me'
Former Democrat Mayor of Detroit Endorses Trump: 'I Can Never Thank Him Enough for What He's Done for Me'
Kwame Kilpatrick, the former Detroit Democratic Mayor and former Obama supporter, broke ranks on Saturday...
'Woke' School APOLOGIZES for Telling Children ISIS is a Terrorist Group
'Woke' School APOLOGIZES for Telling Children ISIS is a Terrorist Group
A middle school in New Jersey has been forced to apologize for teaching its pupils that terrorist group...
Biden Visibly Struggles Mid-Speech While Announcing Mass Amnesty
Biden Visibly Struggles Mid-Speech While Announcing Mass Amnesty
President Joe Biden experienced another noticeable malfunction while introducing a new executive action...
Top Obama Fundraiser Ditches Democrats, Backs Trump
Top Obama Fundraiser Ditches Democrats, Backs Trump
A former major fundraiser for former president Barack Obama, who raked in millions for his campaign,...
Another Electric Vehicle Startup Goes Bankrupt, Joins 3 Others in Failed Green Effort
Another Electric Vehicle Startup Goes Bankrupt, Joins 3 Others in Failed Green Effort
Electric vehicle (EV) maker Fisker filed for bankruptcy on Monday after imploding due to its rapid cash...
Biden Hires Anti-Police, Anti-ICE Cross-Dresser as White House Communications Director
Biden Hires Anti-Police, Anti-ICE Cross-Dresser as White House Communications Director
The Biden administration has hired a former Interior Department communications director with a colorful...
LinkedIn Founder Reid Hoffman Terrified Trump Will Come After Him If He Wins Election: 'I'm Concerned'
LinkedIn Founder Reid Hoffman Terrified Trump Will Come After Him If He Wins Election: 'I'm Concerned'
LinkedIn co-founder and major Democrat donor, Reid Hoffman, voiced fears over the prospect of former...
4
0
What are your thoughts? Click to commentx
()
x

JOIN THE FIGHT!

SIGN UP FOR OUR FREE BREAKING NEWSLETTER STRAIGHT TO YOUR INBOX! 

We don’t spam! Read our Privacy Policy for more info.