Beyond Meat, Inc. (NASDAQ: BYND) has reported a wider loss for the fourth quarter of 2021 even as revenues declined modestly. The results also missed Wall Street’s projection.
The El Segundo-based company, a pioneer in plant-based meat substitutes, reported a loss of $1.27 per share for the December quarter, on an adjusted basis, which is wider than the previous year’s loss of $0.34 per share. Analysts were looking for a smaller loss for the latest quarter.
The reported net loss was $80.4 million or $1.27 per share, compared to a loss of $25.1 million or $0.40 per share in the fourth quarter of 2020. Revenues decreased 1% annually to $100.6 million but missed expectations.
“Though we will continue to invest during 2022, we expect to substantially moderate the growth of our operating expenses as we leverage the building blocks we now have in place to serve our customers, consumers, and markets — bringing forward our exciting and expansive future one delicious serving at a time,” said Ethan Brown, chief executive officer of Beyond Meat.
Beyond Meat’s stock lost around 24% since the beginning of 2022. The shares dropped in the premarket on Friday after closing the previous session higher.
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