To The Moon

Beyond Meat's Stock Plunges 23% Premarket on Weak Sales, Widening Loss.

The maker of plant-based meat products reported a net loss of $100.5 million, or $1.58 a share, compared with a net loss of $27.3 million, or 43 cents a share, in the same quarter a year ago. Net revenue, at $109.5 million, inched up 1% from $108.2 million last year.

Analysts polled by FactSet expected a net loss of 97 cents a share on revenue of $112.4 million.

The results sent Beyond Meat's stock spiraling down 26% in after-hours trading Wednesday, after plunging 14% to $26.12 in the regular session. Shares were headed lower than the $25 price charged in the meat-alternative company's initial public offering for the first time since the stock began trading roughly three years ago.

"Though we recognize that the decisions we are making today in support of our long-run ambition have contributed to challenging near-term results, including a sizable though temporary reduction in gross margin as we took cost-intensive measures to support important strategic launches, we are confident in the future we are building while advancing our mission," Beyond Meat Chief Executive Ethan Brown said in a statement announcing the results.

Beyond executives warned of "near-term uncertainty related to macroeconomic issues, including inflation and rising interest rates, COVID-19 and its potential impact on consumer behavior and demand levels, labor availability and supply chain disruptions, partially attributable to recent geopolitical tensions." Beyond also offered fiscal 2022 revenue guidance of between $560 million and $620 million; analysts polled by FactSet expect $580.7 million.