Beyond Meat’s stock surges after CEO promises to steeply cut costs in 2024
CNN
Shares of Beyond Meat skyrocketed in after-hours trading on Tuesday after the company promised to cut costs and transition to a “leaner operating structure” in its fourth-quarter financial report.
Shares of Beyond Meat skyrocketed in after-hours trading on Tuesday after the company promised to cut costs and transition to a “leaner operating structure” in its fourth-quarter financial report. The troubled plant-based meat company, which has partnerships with McDonald’s and KFC owner Yum! Brands, has faced falling demand for its products and ballooning costs in recent years. But on Tuesday, the company announced a turnaround plan. “Our 2024 plan includes taking steps to steeply reduce operating expense and cash use,” Beyond Meat CEO Ethan Brown said in a statement. Overall, Beyond Meat reported a 7.8% decrease in year-over-year net revenues to $73.7 million, beating Wall Street’s expectations for the quarter, according to Factset. The report sent shares of Beyond Meat surging. The stock was up more than 70% in after-hours trading on Tuesday after falling more than 60% in the past year. On a Tuesday call with Beyond Meat’s investors, Brown outlined a set of initiatives intended to rightsize the struggling company.
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