Beyond Meat, Inc. (NASDAQ: BYND) on Wednesday reported a wider loss for the third quarter of 2021, despite a double-digit increase in revenues. The results missed Wall Street’s forecast.
The El Segundo-based company, a pioneer in plant-based meat substitutes, reported a loss of $0.87 per share for the September quarter, on an adjusted basis, which is wider than last year’s loss of $0.28 per share. Analysts were looking for a smaller loss for the latest quarter.
The reported net loss was $54.8 million or $0.87 per share, compared to a loss of $19.3 million or $0.31 per share in the third quarter of 2020. Meanwhile, revenues increased 13% annually to $106.4 million but missed expectations.
“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,” said Ethan Brown, chief executive officer of Beyond Meat.
Beyond Meat’s stock lost around 19% since the beginning of 2021. The shares closed Wednesday’s session lower and dropped further in after-hours trading, following the announcement.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Food companies have performed better than most other sectors during the pandemic as government restrictions forced people to cook at home. Investors, in general, find the stocks of such companies
Shares of Beyond Meat Inc. (NASDAQ: BYND) gained 20% on Friday, recovering from the beating it took following the disappointing first quarter 2022 earnings report it delivered earlier this week.
Solar panel manufacturer JinkoSolar Holdings Co. (NYSE: JKS) has reported a sharp increase in first-quarter revenues, reflecting higher production and shipment of modules. Meanwhile, the company's net profit declined year-over-year. Net