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Beyond Meat Strock Plunges After Lowering Q3 Revenue Guidance

By Sam Boughedda

Investing.com — Shares of Beyond Meat Inc (NASDAQ:BYND) took a tumble on Friday after the plant-based food company lowered its third-quarter net revenue outlook.

Beyond shares fell over 13% at the open. They are currently sitting at around the $96.10 level, down over 11.5%.

Based on preliminary results, Beyond said it now expects third-quarter net revenue of approximately $106 million compared to prior guidance of $120 million to $140 million. Wall Street analysts were anticipating its revenue to be $133.1 million.

"Although the company's previous third-quarter guidance anticipated a sequential decline in net revenues, the deceleration was larger than anticipated. Multiple factors contributed to the shortfall during the quarter," stated Beyond.

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The company said that it believes demand was affected by continuing macro and micro-economic factors, such as the effects of the Covid-19 Delta variant.

Other factors include a decrease in retail orders that persisted longer than expected from a Canadian distributor, expected incremental orders that did not materialize from a change in a distributor servicing one of the company's large customers, and labor shortages.

Beyond said it also experienced difficulties in operations that resulted in unfulfilled orders, with severe weather as a fundamental driver.

However, the various challenges were partially offset by accelerated orders from an international customer during Q3.

Thursday saw Beyond Meat shares gain after a report from analysts at BTIG said McDonald's (NYSE:MCD) chances of adding the McPlant burger to stores nationwide were "fairly high." BTIG estimates that adding the burger to McDonald's menus in the U.S. could increase Beyond Meat's revenue by $200 million.

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