Beyond Meat shares tank as coronavirus weakens demand for plant-based meat at restaurants

Business

Beyond Meat “Beyond Burger” patties made from plant-based substitutes for meat products sit on a shelf for sale on November 15, 2019 in New York City.

Angela Weiss | AFP | Getty Images

Beyond Meat on Monday said it swung to a loss in the third quarter after the coronavirus pandemic weakened restaurant demand for its meat alternatives.

Shares of the company plunged 24% in after-hours trading.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

  • Loss per share: 28 cents, adjusted, vs. earnings of 5 cents per share expected
  • Revenue: $94.4 million vs. $132.8 million expected

Beyond reported fiscal third-quarter net loss of $19.3 million, or 31 cents per share, down from net income of $4.1 million, or 7 cents per share, a year earlier.

Excluding items, the company lost 28 cents per share, missing the earnings of 5 cents per share expected by analysts surveyed by Refinitiv.

Net sales rose 2.7% to $94.4 million, missing expectations of $132.8 million.

This is a breaking news story. Please check back for updates.

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