Beyond Meat, Inc. (BYND) takes a further dip of 19.56% pre market, reaching $76.00 against its previous dip of 3.58% ($94.48) at market close on November 10.
Late on Wednesday, November 10, Beyond Meat announced its sales projection placing the revenue between $85 million and $110 million. The projections for the final quarter were pretty short of the consensus estimates for the quarter.
More about BYND
Founded in 2009, Beyond Meat is a Los-Angeles based food company. BYND manufactures, markets, and sells meat subsidiaries that are plant-based. The company sells its plant-based beef, pork, and poultry products through various channels, including E-commerce sites, restaurants, schools, grocery and convenience stores, etc.
BYND’s Q3 Earnings Results
On November 10, Beyond Meat declared its financial results for the third quarter ended October 2, 2021. The Q3 financial results placed the revenue at $106.4 million, showing an increase of 12.7% Year over Year, but it missed the consensus estimate of $109.2 million by 3% for the same quarter.
As per the Q3 results, the net loss was $54.8 million. The net loss for basic and diluted shares was $0.87 per share, which missed the consensus estimate of $0.39 net loss per share.
How Does It Look for Beyond Meat?
Beyond Meat has been going down since it proposed lower than expected sales outcome for its third quarter, followed by Q3 missing both the consensus estimates for revenue and net loss and the latest disappointing final quarter sales projection. The company placed the blame for such low performance on the Covid-19 Delta variant, shortage of labor, and difficult economic conditions. Lower demand for the company’s products was also one of the reasons stated.
While acknowledging the uncertainty in BYND business, Ethan Brown, Chief Executive Officer, ensuring the company’s confidence in its future. According to Brown, the company will be working more on increasing awareness around its core values, which the current market has not been able to properly understand. With the increasing trend in awareness regarding global warming, Beyond Meat will connect with its customers through its message of how plant-based meat products are positive contributors to decreasing environmental degradation and global warming.
BYND has high hopes for its future and is confident in improving its business.
