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Beyond Meat tanks after hours

Beyond Meat plunged in extended trading Monday after reporting third-quarter results that badly missed Wall Street estimates.

Video Transcript

SEANA SMITH: Got some breaking news. Beyond Meat is out with its earnings results, shares under a tremendous amount of pressure here in after hours. Jerod Blikre has those numbers for us. Jerod.

JEROD BLIKRE: That's right, Seana. The stock is down about 22% here. Huge misses on both the top and bottom lines. Let's go through those numbers right now. Net revenue coming in for the third quarter at $94.4 million. The estimate was for much more, $132 million. And that represents only growth of 2.7% year over year. They also posted an adjusted loss per share of $0.28. That's much wider than estimates of $0.05 EPS. So the Street was expecting a $0.05 per share profit. Instead we got $0.28 share loss.

They're also spending their outlook until further notice. And just looking at some of the other numbers coming in. Third quarter international net revenue came in at $16.1 million. And they are continuing to experience what they call a meaningful slowdown. So they are not able to predict the impact of COVID-19 on their business. They missed on their top and bottom lines. And we're seeing the stock here down 25% right now.

And just looking at what the stock has done recently-- in fact, let's go to an intraday chart because this was a very volatile stock today. We started out in the green here. And then we got some news on the McDonald's earnings call this morning that McDonald's is developing a plant based meat alternative. And then at the Lowe's here shares were halted. We've got some other news that, in fact, McDonald's is partnering with Beyond to make that plant based meat alternative. And so we saw stocks up. But now down 24% in the after hours.

Year to date this stock has, again, been on a volatile ride. But that's going to take it all the way down. Let's see if I can do my math here. It's going to take it down to about-- what-- 110, 115. So we're looking at taking out these summer lows right here. And it's going to be probably an ugly day for the stock tomorrow.

SEANA SMITH: And Jerod, it certainly looks like it at this point. I was going through this release here. Beyond Meat's president and CEO Ethan Brown, he was commenting really that the financial results for this quarter reflect, for the first time, really since the pandemic began for the company that they are now experiencing the full brunt and unpredictability of COVID-19 on their net revenues. That number there that you cited, that was a massive miss in terms of what Wall Street was expecting. So of course, I think analysts are going to be looking for a little bit more color on that during tonight's earnings call.