(New York) The young American company Beyond Meat, which makes steaks and sausages of plant origin, fell on Wall Street on Wednesday after reporting disappointing results and forecasts, reflecting a decline in demand for its products and problems operational.
The company’s third-quarter revenue increased 13% year-on-year to $ 106 million, which is lower than analysts’ expectations.
For the fourth quarter, Beyond Meat expects sales of between $ 85 million and $ 110 million where analysts predicted $ 132 million.
The company explains in a press release that it cannot be more precise on its forecasts because of the persistent uncertainty related to COVID-19 and its potential impacts “on the demand, the availability of the workforce and the supply chain disruptions ”.
The action fell by more than 19% around 5:30 p.m. in electronic trading following the close of the session.
The group had already lost 13% since October 22, when it revised downward its sales forecast for the third quarter.
Over the period, the company saw its sales decline in particular by 14% in the United States due, she says, “to lower demand and operational problems.”
However, sales have more than doubled outside the country, with Beyond Meat gradually expanding its distribution network.
Beyond Meat recorded a net loss of $ 55 million.
The CEO of the start-up, Ethan Brown, affirmed that “despite the current disruptions”, the group “remains focused on putting in place the essential elements for its long-term growth”.
“Although we see continued uncertainty for the rest of this year, we are looking forward to 2022 with enthusiasm,” he said.