Beyond Meat Inc.’s stock initially dove 10% in extended trading Thursday after it announced a decline in quarterly revenue and a widening loss.
The company
BYND,
reported a fiscal fourth-quarter net loss of $80.4 million, or $1.27 a share, compared with a net loss of $25.1 million, or 40 cents a share, in the year-ago quarter. The adjusted net loss was $21.4 million, or 34 cents a share.
Revenue declined 1% to $100.7 million from $101.9 million a year ago.
Analysts polled by FactSet had forecast a loss of 70 cents a share on revenue of $101 million.
“In 2021 we saw strong growth in our international-channel net revenues, as well as sporadic yet promising signs of a resumption of growth in U.S. food-service channel net revenues as COVID-19 variants peaked and declined. These gains, however, were dampened by what we believe to be a temporary disruption in U.S. retail growth, for our brand and the broader category,” Beyond Meat Chief Executive Ethan Brown said in a statement announcing the results.
Beyond Meat’s stock has plunged 25% so far this year, while the broader S&P 500 index
SPX,
has declined 10%.
Impossible Foods Inc., Beyond Meat’s rival and a long-rumored IPO candidate, on Tuesday announced a deal with Dine Brands Global Inc.
DIN,
to put the Impossible Cheeseburger on the Applebee’s Neighborhood Grill & Bar menu.
