Marco Verch
Shares in the largest plant-based meat producer Beyond Meat fell more than 15% in trading.
At their low in early US trading, their price fell to $91.55, 15.7% cheaper than at Thursday's close. Later, Beyond Meat shares were down 14.5% at $94.04. The last time the stock was at this level was in April 2020.
Investors were disappointed by Beyond Meat's quarterly outlook, Bloomberg writes. The manufacturer said it expects about $106 million in revenue for the third quarter, although the previous forecast was at $120-140 million. The company had previously anticipated a gradual decline in revenue, but the slowdown was more significant than expected, the agency said.
The manufacturer attributed the drop in revenue to several factors: the impact of the pandemic, reduced retail orders from its Canadian distributor, as well as production problems. Among other things, the company said that two of its facilities had experienced severe water supply disruptions due to weather conditions. However, Beyond Meat claims that the difficulties were partially offset by increased orders from an international customer.
source: bloomberg.com
At their low in early US trading, their price fell to $91.55, 15.7% cheaper than at Thursday's close. Later, Beyond Meat shares were down 14.5% at $94.04. The last time the stock was at this level was in April 2020.
Investors were disappointed by Beyond Meat's quarterly outlook, Bloomberg writes. The manufacturer said it expects about $106 million in revenue for the third quarter, although the previous forecast was at $120-140 million. The company had previously anticipated a gradual decline in revenue, but the slowdown was more significant than expected, the agency said.
The manufacturer attributed the drop in revenue to several factors: the impact of the pandemic, reduced retail orders from its Canadian distributor, as well as production problems. Among other things, the company said that two of its facilities had experienced severe water supply disruptions due to weather conditions. However, Beyond Meat claims that the difficulties were partially offset by increased orders from an international customer.
source: bloomberg.com
