Los Angeles-based manufacturer of plant-based meat alternatives Beyond Meat shares soared 80% in extended trade after the company's CEO Ethan Brown announced that Beyond Meat plans to "steeply reduce" operating expense and cash use.
"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," Brown stated.
The company reported that its net revenue was down 7.8% year-on-year in the fourth quarter of 2023.
