Beyond Meat, Inc. (NASDAQ: BYND), Thursday reported a wider loss for the second quarter of 2021, despite a double-digit increase in sales. Revenues beat Wall Street’s forecast, while the bottom-line missed.
The company, a pioneer in plant-based meat substitutes, reported a loss of $0.31 per share for the June quarter, on an adjusted basis, which is wider than the $0.02-per share loss it incurred in the same period of last year. The market was looking for a smaller loss for the latest quarter.
The reported net loss was $19.7 million or $0.31 per share, compared to a loss of $10.2 million or $0.16 per share in the second quarter of 2020. Meanwhile, revenues moved up 32% annually to $149.4 million and topped expectations.
Beyond Meat’s stock has declined 28% in the past six months. The shares closed Thursday’s session lower and continued to lose in the after-hours following the announcement.
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