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Beyond Meat Inc. (BYND) reported its third-quarter financial results after the closing bell on Wednesday. The plant-based company posted disappointing results, falling short of Wall Street analyst expectations.
The company reported revenue of $106.4 million (12.7% increase year-over- year) vs. $109.2 million expected. Loss per share at $0.87 a share vs. $0.37 loss per share expected.
Beyond Meat President and CEO Ethan Brown commented on the latest results: “Our third quarter results reflect variability as we saw a decline from record net revenues just a quarter ago. 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.”
“Near-term market and operating conditions notwithstanding, we remain committed to our long-term strategy. As we continue to advance the field of plant-based meat through innovation and bold investment in domestic and global operations, the consumer is only being made more aware of the relevance and urgency of our mission. And although we see continued uncertainty for the balance of this year, we look to 2022 with enthusiasm as we expect to bring to life, together with our strategic partners, product and production capacity that we’ve been steadfastly investing in throughout the pandemic,” Brown added.
Beyond Meat Inc. chart (1Y)
Share price of the Los Angeles based company fell sharply in the after-hours trading following the Q3 results, down by over 16%. The stock is down by 24.42% in the past year at $94.48 per share.
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Sources: Beyond Meat, TradingView
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