Beyond Meat (BYND, Financial), a leading plant-based meat manufacturer, saw its stock price decline by over 9.7% to $5.94. The drop came after the release of its third-quarter financial results.
The company's revenue for the quarter increased by 7.6% year-over-year, reaching $81 million. This figure surpassed market expectations, which were set at $80.7 million. However, Beyond Meat reported an adjusted per-share loss of $0.41, slightly better than the anticipated loss of $0.44 per share.
For its annual guidance, Beyond Meat projects total revenue to be between $320 million and $330 million, adjusting its previous estimate of $320 million to $340 million. Analysts had an average forecast of $329 million for the year.
