Beyond Meat said Monday that it felt the full force of the coronavirus pandemic in the third quarter, leading to worse-than-expected financial results.
Consumer stockpiling in the second quarter, coupled with continuing struggles at restaurants and other food service customers, made demand unpredictable, the company said.
Beyond Meat revenue rose 2.7% to $94.4 million. But that was far short of the $132 million that Wall Street forecast, according to analysts polled by FactSet.
El Segundo, California-based Beyond Meat reported a net loss of $19.3 million for the quarter. Adjusted for one-time items, the company lost 28 cents per share. Analysts had forecast a 5 cent per share profit.
Monday Had Already Been a Tough Day for Beyond Meat Before the Earnings News
Its stock plummeted 27% in after-hours trading following the release of the earnings report.
Monday had already been a tough day for Beyond Meat before the earnings news. The company’s shares dropped more than 8% Monday morning after McDonald’s implied during an investor day presentation that it was developing a McPlant burger on its own, despite testing a Beyond Meat burger in Canada earlier this year.
McDonald’s later clarified that it will work with suppliers to develop the burger, but it wouldn’t confirm that it was partnering with Beyond Meat.
Beyond Meat shares closed Monday’s regular trading at $150.50, down 4% from their previous close.