Beyond Meat (US:BYND) on Tuesday unveiled a new product and marketing campaign called Beyond Steak, a new configuration of its plant-based protein that mimics the flavor and texture of beef.
The company said it would launch the product nationally at Kroger and Walmart grocery stores and regionally at retailers across the country.
Beyond Steak will debut with 21 grams of protein per serving and “deliver the tender bite and savory taste consumers crave while offering nutritional benefits, including being low in saturated fat and having no cholesterol, antibiotics or hormones,” the news release introducing the product said.
Founded in 2009, Beyond Meat describes its products as designed to have the same taste and texture as animal-based meat “while being better for people and the planet.”
On Oct. 14, the company revealed a series of cost-cutting plans that include Beyond Meat slashing another 200 jobs or roughly 19% of its workforce and taking a related $4 million charge.
It also cut its full-year revenue outlook to $400 million to $425 million, well below the previous $470 million to $520 million. It’s also lighter than Wall Street’s $478.8 million consensus estimate.
Beyond Meat posted preliminary third-quarter revenue of $83 million, down 23% from a year ago and below analysts’ $115.5 million.
Beyond Meat, shares rose about $14% on Tuesday. They are down 80% this year.
This article originally appeared on Fintel
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
