Beyond Meat is laying off 200 employees in an attempt to cut costs

Beyond Meat, an American company that produces and distributes meat substitutes, plans to cut 19 percent of its workforce, or about 200 employees, the company said in an official statement. The process of reducing the workforce is expected to be completed by the end of this year, in an attempt to achieve positive cash flow operations during the second half of 2023.

And the company’s shares, which have already fallen by about 77% so far this year, have plummeted, bringing the company’s market value down to about $920 million.