Business
Beyond Meat reports wider-than-expected loss, falling revenue
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Beyond Meat “Beyond Burger” patties made from plant-based substitutes for meat products sit on a shelf for sale in New York City.
Angela Weiss | AFP | Getty Images
Beyond Meat on Wednesday reported a wider-than-expected loss for its third quarter as demand for its meat substitutes tumbled.
Shares of the company bounced around in after-hours trading. The stock closed down 9% on Wednesday.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Loss per share: $1.60 vs. $1.14 expected
- Revenue: $82.5 million vs. $98.1 million expected
Beyond reported a third-quarter net loss of $101.7 million, or $1.60 per share, wider than its net loss of $54.8 million, or 87 cents per share, a year earlier.
Net sales dropped 22.5% to $82.5 million.
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