Beyond Meat’s stock dropped 19% in premarket trading this Thursday after the company reported a loss in its third-quarter financial results. Higher costs ate into profits while revenue fell short of analysts’ estimates.
“We believe we are steadily executing against our vision of being tomorrow’s global protein company” – Ethan Brown
The alt meat giant also disappointed investors with its revenue outlook for the fourth quarter, with revenue down 13.9% compared with a year ago, owing to weaker grocery demand. The company has been investing significantly in new product development of late, including its alt chicken offering and a host of new potential markets.
“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,” commented Beyond Meat President and CEO Ethan Brown.