Tattooed Chef announces cost-cutting measures, slashes guidance; shares plunge
10/11/2022 23:14
** Shares of plant-based food company Tattooed Chef Inc
TTCF.O plunge 25% after the bell to $3.30
** TTFC slashes full-year revenue guidance to $235 mln-$245
mln, down from prior guidance of $280 mln-$285 mln urn:newsml:reuters.com:*:nGNX5FJbqm
** Co announces reduction in 2023 marketing expenses of
approximately $15 mln
** Co announces reduction in promotional programs that are
estimated to produce approximately $7 mln in cost savings
** "The challenges of the current economic environment and
the associated headwinds impacting our category have caused us
to adopt a strategic shift in how we operate" - CEO Sam Galletti
** Up to Thursday's close, stock had fallen 72%
(Reporting by Arshreet Singh in Bengaluru)
((Arshreet.Singh@thomsonreuters.com))
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