Beyond Meat Soars 60% In Pre-market After Co. On Plans Of Costs Cut, Price Increase

(RTTNews) - Shares of Beyond Meat, Inc. (BYND) are surging more than 60 percent in pre-market at $12.14, after the plant-based meat maker's CEO announced plans to turn around the business, including price hikes and cost cuts.

"Our 2024 plan includes taking steps to steeply reduce operating expense and cash use; pricing actions and the right-sizing of our production footprint, both in support of margin expansion," said Beyond Meat President and CEO Ethan Brown.

For the fourth quarter, the company posted a net loss of $155.1 million, or $2.40 per share, wider than $66.9 million, or $1.05 per share loss, in the year-ago period.

Revenue declined 7.8% year-over-year to $73.7 million.

Analysts on average, polled by Thomson-Reuters expected the company to report a loss of $0.88 per share on revenue of $66.66 million.

Beyond Meat shares had closed at $7.52, up 0.94% on Tuesday. The stock has been trading in the range of $5.58 - $19.25 in the last 1 year.