Beyond Meat cutting 4% of workforce
- Hope King, author of Axios Closer
A package of Beyond Meat burger patties. Photo: Gabby Jones/Bloomberg via Getty Images
Alternative protein company Beyond Meat is laying off about 4% of its global workforce, the company announced Thursday.
Quick take: While it cited broad concerns about the economy as factors clouding its 2022 outlook, the company is also facing its own specific challenges — such as struggling to grow interest for its products both in grocery stores and through restaurant partnerships.
The big picture: The move is yet another example of corporate belt tightening. As other companies have done this quarter — including Walmart and Target — Beyond Meat is lowering part of its financial forecast for the year, citing economic uncertainty.
What they're saying: Consumers are either switching back to traditional meat, which is typically less expensive, or to cheaper brands which offer the same kind of product, the company's CEO Ethan Brown said in a statement.
- Throughout this summer, analysts have been reporting lackluster demand for McDonald's McPlant burger, which uses the meat-free Beyond patty, during a months-long testing period.