Beyond Meat announced significant changes as part of a turnaround plan in 2024 that includes cutting costs, increasing prices and discontinuing its Beyond Jerky product line, according to news reports covering the company’s fourth-quarter financial report.
The embattled plant-based protein processor posted a 7.8% decrease in net revenues for the quarter versus a year ago, though it did beat Wall Street expectations. Beyond Meat also reported a net loss of $338.1 million for fiscal year 2023 on Tuesday.
Beyond Meat CEO Ethan Brown shared elements of the company’s plan for 2024 with investors on a call Tuesday.
According to the news reports, Beyond Meat will cut at least $70 million from its operating budget and discontinue the Beyond Meat jerky product line, in order to focus more toward products it believes have higher growth potential. The company did not specify if layoffs would be part of the plan in 2024. In November 2023, Beyond Meat let go 19% of its non-production workforce.
Beyond Meat will roll out the fourth iteration of its product, named “Beyond IV,” in 2024, and has high hopes for the newest generation of products made with this version.
