Packages of Beyond Meat Inc.’s plant based meat products, Beyond Burger and Beyond Sausage, are displayed at a supermarket on November 19, 2020 in Katwijk, Netherlands
Yuriko Nakao | Getty Images
Beyond Meat on Thursday reported a wider-than-expected loss and shrinking revenue for its fourth quarter.
Shares of the company fell more than 10% in extended trading
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Loss per share: $1.27 vs. 71 cents expected
- Revenue: $100.7 million vs. $101.4 million expected
Beyond reported fourth-quarter net loss of $80.37 million, or $1.27 cents per share, wider than its loss of $25.08 million, or 40 cents per share, a year earlier. Analysts surveyed by Refinitiv were forecasting losses of 71 cents per share.
CEO Ethan Brown said in a statement that the company expects to “substantially moderate” the growth of its operating expenses in 2022, which could help the company return to profitability.
Net sales dropped 1.2% to $100.7 million, falling short of expectations of $101.4 million.
For 2022, Beyond is forecasting revenue of $560 million to $620 million, up 21% to 33% compared with the prior year. That outlook falls slightly below Wall Street’s net sales forecast of $637.3 million.