Beyond Meat shares on plunged on Wednesday in after-hours trading, after the plant-based meat company posted a wider-than-expected third-quarter loss .
Beyond Meat’s loss for the quarter came in at -87 cents a share, compared to -39 cents a share loss anticipated by analysts polled by Refinitiv.. The los was also larger than the year-ago quarter’s -31 cents a share.
The company’s revenue was $106.4 million in the quarter, which was lower than $109.2 million expected by analysts.
"Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago," Beyond Meat CEO Ethan Brown said in a statement. "Despite current disruptions, we remain focused on rapidly advancing key building blocks of long-term growth.
"Whether scaling products and infrastructure for our strategic quick serve restaurant partners, bringing new product to retail markets, or investing in innovation, commercialization, and production capabilities here in the U.S., EU, and China, we believe we are steadily executing against our vision of being tomorrow’s global protein company," Brown said.
Looking ahead, Beyond Meat expects fourth quarter net revenues in the range of $85 million to $110 million, incorporating near-term uncertainty related to Covid-19 pandemic.