Beyond Meat Just Got Crushed Despite 13% Revenue Growth, Here's Why
Seemingly repeating the pattern of "winning the lockdowns, losing the reopening" seen in other stocks that soared during the initial stages of the COVID-19 outbreak, plant-based meat company Beyond Meat (NASDAQ: BYND) took a beating on the market after reporting its fiscal 2021 third-quarter results on Nov. 10. Revenue increased, but the company generated another net loss -- a much steeper loss, in fact, than Wall Street expected.
Add in the company's muted guidance, and the elements leading to a 15% plunge last week are easy to see. These developments set up a fairly bearish short-term outlook, and they raise red flags for the plant-based meat market overall.
The faux meat producer's most obvious miss was its profitability. The third-quarter net loss amounted to $54.8 million, nearly tripling the $19.3 million loss reported last year. For the first nine months of 2021, that figure has similarly worsened from $27.6 million to $101.7 million year over year.
Source Fool.com
