Beyond Meat (NASDAQ: BYND) reported a net loss for the third quarter, despite an increase in revenues. The results also missed analysts’ forecast and the company’s stock dropped on Monday evening.
The company that makes plant-based meat products reported a loss of $0.28 per share for the September-quarter, on an adjusted basis, compared to earnings of $0.06 per share in the prior-year period. Market Watchers had predicted profit for the most recent quarter.
Unadjusted net loss was $19.3 million or $0.31 per share, compared to net income of $4.1 million or $0.06 per share in the third quarter of 2019. Meanwhile, total revenue advanced to $94.4 million in the third quarter from $91.96 million in the prior-year quarter.
Read management/analysts’ comments on Beyond Meat’s Q3 results
After climbing to a new high about a month ago, Beyond Meat’s stock has retreated to pre-peak levels. It closed Monday’s trading lower and continued to lose during the extended session.