The plant-based meat company said Thursday that the reduction of about 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.

Beyond Meat's shares rose 20 percent in afternoon 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.

U.S. demand for plant-based meat has plummeted this year. U.S. retail dollar sales of fresh meat alternatives, like sausage and burgers, were down 21.5 percent this year through Oct. 8, according to Circana, a market research firm. Frozen plant-based meat sales, including items like tenders and nuggets, were down 6 percent.