Tyson Foods Stock Plunges After Slashing Sales Forecast

Tyson Foods Stock Plunges After Slashing Sales Forecast

(Vegan AF)  Shares of the meat-processing giant Tyson Foods, tumbled almost 17% to $50.73 after reporting disastrous second-quarter results and slashing its outlook for the rest of 2023. This is Tyson's second biggest percentage drop since 2008 when its stock plummeted 24%.   

Their earnings report spooked investors as it reported a $97 million loss for the quarter which is a dramatic difference from the net income of $829 million they reported in the same quarter last year. Tyson produces about one out of every 5 pounds of chicken, beef and pork sold in the United States.

The meat processor cut its sales forecast as higher costs and deteriorating consumer demand squeeze the industry. "Market conditions remain very challenging," CEO Donnie King said on their earnings call. "All three of our core protein categories, beef, pork and chicken, are experiencing market challenges at the same time."

In an effort to cut costs across the company, Tyson said last month it would eliminate 15% of its senior leadership positions, 10% of its corporate roles and shut down two underperforming poultry processing plants.

Photo Credit: Canva Pro

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