Beyond Meat (NASDAQ:BYND) stock is taking a beating on Friday following an update concerning the company’s earnings report for the third quarter of 2021.
Let’s dive into that earnings news below to see why holders of BYND stock are upest today!
- The new update from Beyond Meat has the company lowering its guidance ahead of its earnings report.
- This has it expecting revenue to come in around $106 million.
- For the record, it was previously expecting it to range from $120 million to $140 million.
- That’s not looking good next to Wall Street’s estimate of $133.11 million for the period.
- Beyond Meat blames today’s news on a variety of factors.
- Among them is the novel coronavirus, as well as the Delta variant.
- The company claims issues caused by them are continuing to impact its business.
- That includes not allowing the company to fulfill orders as it intended to.
- In addition to that, it points to severe weather as another reason for its lowered revenue guidance.
- However, it notes the negative effects were partially offset by accelerated orders from an international customer during the quarter.
BYND stock is experiencing heavy trading on today’s news. That has some 9 million shares of the stock changing hands as of this writing. For comparison, the company’s daily average trading volume is closer to 2.1 million shares.
Beyond Meat will go over its Q3 earnings report during a conference call on Nov. 10, 2021 at 5:00 p.m. Eastern Time.
BYND stock was down 13.6% as of Friday morning and is down 25.3% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.