Beyond Meat Announces Cost-Cuts and Price Hikes to Reach Profitability After 95% Stock Plunge
• Shares soared 100% after Q4 earnings call outlined plans to reduce expenses and reach profitability
• Aims to significantly cut costs in 2024 via pricing actions, new product launches, expense discipline
• Teased potential price hikes on new Beyond Burgers shipping in April
• Reduced from 13 manufacturing sites down to just 1 site to boost margins and quality
• Still faces skepticism from analysts, stock down 95% from 2019 highs - must now deliver results