The Strategist

Beyond Meat shares plummet by 28% after poor reporting


11/11/2020 - 07:36



The producer of artificial meat products Beyond Meat presented its financial report for the third quarter of the year.



Raysonho
Raysonho
The results of which were noticeably worse than analysts predicted. As a result, the company's shares have slipped 28 per cent at over-the-counter trading.

According to the report, Beyond Meat's revenue for the third quarter was $94.4 million, 2.7% better than last year's result. 

In addition, the company ended the quarter with a net loss of $19.3 million or $0.31 per share, while analysts expected a loss of $0.05 per share.

The company itself attributed this failure to the COVID-19 pandemic, which only began to have a full impact on Beyond Meat business in the third quarter. 

While fast food restaurants were actively purchasing the company's products in the second quarter, the re-implementation of quarantine measures in many countries has severely affected the already weakened restaurant business, and it has virtually stopped purchasing.

source: bloomberg.com




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