Beyond Meat announced on Friday morning that it is cutting its workforce by 19% - slashing 200 positions, while also reducing its 2022 revenue outlook.

CEO Ethan Brown said: "We believe our decision to reduce personnel and expenses throughout the company, including our leadership group, reflects an appropriate right-sizing of our organisation given current economic conditions."

Chief financial officer Philip Hardin is leaving the company.

Beyond Meat's problems have rapidly increased this year, as high inflation, lack of customer growth and economic headwinds have hit the company's bottom line.

The investor-release from the company also cited "the impact of increased competition", despite some major players pulling back from the industry recently.

Shares in the company dropped more than 5% in the first 30 minutes of US trading.