Tattooed Chef tumbles after trimming annual revenue forecast

Tattooed Chef

11/11/2022 11:06

** Shares of packaged foods maker Tattooed Chef Inc  TTCF.O 
down ~18% before the bell and is set to open at an all-time low
of $3.60 
    ** Company cuts full-year 2022 revenue forecast, signalling
that price hikes and a cost-of-living crisis were beginning to
dampen demand for its plant-based foods
    ** TTCF expects 2022 revenue between $235 mln and $245 mln,
down from prior forecast of $280 mln to $285 mln
    ** Company expects to realize about $30 million of cost
savings primarily through a combination of cost-cutting measures
    ** Up to Thursday's close, stock had fallen ~72% this year
 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))