- Beyond Meat Inc. shares fell as much as 15% after the maker of plant-based meats reduced its revenue guidance for the third quarter citing an array of factors that hurt performance.
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The company expects revenue of about $106 million, down from its previous forecast of $120 million to $140 million, it said Friday. Analysts were looking for $134.3 million, according to Bloomberg data compiled.
Beyond cited reduced demand due to the Covid - 19 delta variant, as well as a decrease in retail orders that persisted longer than expected from a Canadian distributor coinciding with the reopening of restaurants. The El Segundo, California-based company also pointed to delays in expanding its distribution, which it attributed to labor shortages at its customers.
The stock fell in premarket trading as low as $91.99. Beyond shares were down 13% this year through Thursday, compared with a 21% rise for the S&P 500 index.
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