Beyond Meat Misses on Earnings, Revenue, Citing Near-Term Uncertainty over Covid
By Sam Boughedda
Investing.com — Beyond Meat Inc (NASDAQ:BYND) announced a loss per share of 87 cents on revenue of $106.4 million. Analysts polled by Investing.com anticipated a loss per share of 39 cents on revenue of $110.18 million.
Investors have, as expected, reacted negatively to the report, with Beyond Meat shares falling over 15% in after-hours trading.
"Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago. Despite current disruptions, we remain focused on rapidly advancing key building blocks of long-term growth," Beyond Meat President and CEO Ethan Brown commented.
He continued: "Although we see continued uncertainty for the balance of this year, we look to 2022 with enthusiasm as we expect to bring to life, together with our strategic partners, product and production capacity that we’ve been steadfastly investing in throughout the pandemic."
Looking ahead, the company expects Q4 net revenue to be in the range of $85 million to $110 million, below analyst expectations.
The plant-based meat company said its operating environment continues to be affected by near-term uncertainty related to Covid-19 and its potential impact on demand levels, labor availability and supply chain disruptions. They added that operating results could differ meaningfully from the expectations if assumptions related to Covid-19 and the effects from Covid-19 do not materialize.
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