Why Beyond Meat Stock Plunged Today
Shares of Beyond Meat (NASDAQ: BYND) fell 13.3% on Thursday after the meat alternatives company's sales declined in its most important market.
Beyond Meat's net revenue rose 12.7% year over year to $106.4 million in the third quarter, driven by strong growth in international markets. Sales in the U.S., however, fell 13.9%.
CEO Ethan Brown cited a host of reasons for the revenue shortfall during a conference call with analysts. These included a Delta variant-fueled reemergence of COVID-19, labor shortages, and supply chain disruptions. Yet perhaps most concerning was the company's comments that its U.S. sales decline was "primarily as a result of lower overall demand."
Source Fool.com
