Oatly (NASDAQ:OTLY) stock isn’t doing so hot Monday as investors react to the most recent earnings news from the dairy-alternative company.
The company’s earnings report for the third quarter of 2021 kicks off with diluted losses per share of 7 cents. That’s better than Wall Street’s estimate of -9 cents but is worse than the -2 cents from the same time last year.
Next up is Oatly’s revenue of $171.06 million. That’s not a good look for OTLY stock compared to analysts’ revenue estimate of $185.49 million for the quarter. Even if it’s an improvement over the $114.68 million reported in the same period of the year prior.
The problems for OTLY stock today continue with the company’s outlook for the full year of 2021. This has it expecting revenue for the year to exceed $635 million. That’s not a number investors want to see when Wall Street’s 2021 revenue estimate is sitting at $694.08 million.
Toni Petersson, CEO of Oatly, said this in the earnings report hammering OTLY stock today.
“Positive momentum was partially offset by temporary headwinds as we scale our global production capacity, particularly in Ogden, Utah, and as we manage through COVID-19 Delta-variant related restrictions and temporary foodservice closures in Asia. Despite this near-term variability, we remain very confident in our ability to meet the rapidly growing global demand for our products.”
OTLY stock is seeing heavy trading today on the earnings news. As of this writing, more than 12 million shares of the stock have changed hands. That’s quite the increase over its daily average trading volume of 2.8 million shares.
OTLY stock was down 18.1% as of Monday morning.
There’s more stock market news to jump into below!
We’ve got all the latest news that traders need to know about Monday. Among that is what’s going on with shares of Splunk (NASDAQ:SPLK) and Ideanomics (NASDAQ:IDEX) stock, as well as this morning’s biggest pre-market stock movers! You can find all that info at the following links!
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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.