(Reuters) -Faux-meat maker Beyond Meat Inc on Friday slashed its annual revenue forecast due to rising inflation, and said it was cutting about 200 jobs, or 19% of its total workforce.
The company said the weak forecast was due to increased competition and soaring inflation, which is pushing consumers to trade down into cheaper forms of protein, including animal meat.
The company expects full-year revenue to be in the range of about $400 million to $425 million compared with previous expectations of between $470 million to $520 million.
“We are significantly reducing expenses and sharpening our focus on a set of key growth priorities,” Chief Executive Officer Ethan Brown said in a statement.
Shares of the company were down nearly 7% in premarket trading as Beyond Meat said it would incur a one-time cash charge of about $4 million related to the job cuts in the fourth quarter.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur)
