Beyond Meat, a Los Angeles-based producer of plant-based met substitutes, fell after reducing its revenue guidance for the third quarter. According to media reports, the company mentioned a decline in retail orders, operational challenges and ongoing impacts from Covid-19 was the reason for the fall.
The Company is proceeding through its quarterly close and based on preliminary results, the Company now expects third quarter net revenues of approximately $106 million as compared to prior guidance of $120 million to $140 million. Although the Company’s previous third quarter guidance anticipated a sequential decline in net revenues, the deceleration was larger than anticipated.
For more information, visit the company’s official press release.