Washington, Nov 2 (AP) Beyond Meat is cutting 19% of its non-production workforce after a weaker-than-expected third quarter.

The plant-based meat company said Thursday that the reduction of approximately 65 employees is part of a broader corporate review. The company is also considering exiting some product lines, changing pricing, shifting its manufacturing and restructuring its Chinese operations.

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Beyond Meat's shares rose 9% in morning trading Thursday.

“We anticipated a modest return to growth in the third quarter of 2023 that did not occur,” Beyond Meat President and CEO Ethan Brown said in a statement.

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The company plans to release its third quarter earnings on Nov. 8. In the meantime, it said it expects revenue of $75 million for the July-September period. That would be 8.5% lower than the same period a year ago.

Beyond Meat also said it now expects full-year net revenue in the range of $330 million to $340 million, which would be 19% to 21% lower than the previous year.

The El Segundo, California, company said it saw weaker sales in U.S. retail and food service and lower-than-expected return on promotional programs. (AP)

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