CNN —
Shares of Beyond Meat skyrocketed in after-hours trading on Tuesday after the company promised to cut costs and transition to a “leaner operating structure” in its fourth-quarter financial report.
The troubled plant-based meat company, which has partnerships with McDonald’s and KFC owner Yum! Brands, has faced falling demand for its products and ballooning costs in recent years. But on Tuesday, the company announced a turnaround plan.
“Our 2024 plan includes taking steps to steeply reduce operating expense and cash use,” Beyond Meat CEO Ethan Brown said in a statement.
Overall, Beyond
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