Beyond Meat shares plunged after the report
The California – based company Beyond Meat posted Q3 2020 figures that didn’t impress Wall Street.
In Q3, Beyond Meat reported losses per share of 0.28 cents, while the market was looking for an EPS of 0.5 cents. The revenue also came below the $132.8 million consensus at $94.4 million.
According to Beyond Meat, people are not staking up on food now as much as they did at the beginning of the pandemic. The sales from restaurants and catering services made the US foodservice segment report an 11% decrease.
Despite the 40.5% increase reported in the US grocery sales, the lower demand from restaurants couldn’t be offset.
On the other side, McDonald’s announced its McPlant – a plant-based patty and chicken substitute made in conjunction with Beyond Meat.
Beyond Meat stock price oscillated between losses and gains. After its report, the stock price plunged almost 29%, but after McDonald’s announcement, it managed to recover roughly a quarter.
Read more about how companies have performed in the past quarter here!
Sources: cnbc.com, techcrunch.com