Beyond Meat stock slumps over 10% as Impossible Foods eyes job cuts
Jan. 30, 2023 4:28 PM ETBeyond Meat, Inc. (BYND)By: Kevin P. Curran, SA News Editor17 Comments
Meat substitute manufacturer Beyond Meat (NASDAQ:BYND) dipped on Monday after its close-competitor Impossible Foods reportedly plans to cut about 20% of global staff.
Citing a person familiar with the matter, Bloomberg reported that the Impossible Foods is due to lay off over 100 employees, putting a significant dent in the company’s 700 person headcount. The latest move adds to about a 6% workforce reduction pursued in Q4 2022.
The company’s key, publicly-traded competitor Beyond Meat (BYND) slipped 10.24% shortly before the close amid elevated trading volume. Shares of the El Segundo, California-based meat alternative company have declined about 75% in the past year.
Read more on Beyond Meat’s layoffs in 2022.