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Beyond Meat shares doubled in extended trade after the meat-free burger maker promised “steep” cuts to its operating costs in 2024 and to charge more for its plant-based products.

Shares of the company, which are highly shorted, briefly doubled in after-hours trading on Tuesday to a six-month high, before cooling to a gain of about 80 per cent.

Beyond Meat reported better than expected fourth-quarter revenue of $73.7mn, but its net loss of $155mn was almost three times wider than forecast, in part due to non-cash charges.

The company warned results this year could be hurt by a tough macroeconomic environment, which includes weaker demand for plant-based meat alternatives, higher borrowing costs, and concerns about a potential recession.

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