Maker of plant-based meat substitute Beyond Meat Inc. reported a surprise third quarter loss on coronavirus pandemic effect.
Beyond Meat’s adjusted loss for the three months ending in September came in at -28 cents per share, vs. the Street forecast of a +5 cents per share profit. It reported a positive earnings of +6 cents per share profit in the year-ago quarter.
Revenue increased +2.7% year-over-year to $94.4 billion, but was below short analysts' forecasts of $132.8 million .
"We experienced the full brunt and unpredictability of COVID-19's impact for the first time in Q3, producing net revenues of $94 million, a sequential drop from record net revenues of $113 million in Q2," founder and CEO Ethan Brown told investors late Monday.