Beyond Meat Falls Short In 3Q As Restaurants Struggle
Beyond Meat said Monday that it felt the full force of the coronavirus pandemic in the third quarter, leading to worse-than-expected financial results.
Consumer stockpiling in the second quarter, coupled with continuing struggles at restaurants and other food service customers, made demand unpredictable, the company said.
Beyond Meat revenue rose 2.7% to $94.4 million. But that was far short of the $132 million that Wall Street forecast, according to analysts polled by FactSet.
El Segundo, California-based Beyond Meat reported a net loss of $19.3 million for the quarter. Adjusted for one-time items, the company lost 28 cents per share. Analysts had forecast a 5 cent per share profit.
Its stock plummeted 27% in after-hours trading following the release of the earnings report.
Monday had already been a tough day for Beyond Meat before the earnings news. The company’s shares dropped more than 8% Monday morning after McDonalds implied during an investor day presentation that it was developing a McPlant burger on its own, despite testing a Beyond Meat burger in Canada earlier this year.
McDonald’s later clarified that it will work with suppliers to develop the burger, but it wouldnt confirm that it was partnering with Beyond Meat.
Beyond Meat shares closed Monday’s regular trading at $150.50, down 4% from their previous close.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
Stay connected with us on social media platform for instant update click here to join our ????️????️ Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Business headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Also, if you like our efforts, consider sharing this story with your friends, this will encourage us to bring more exciting updates for you.
