Why Beyond Meat Shares Sank Over 20% Today
Shares of plant-based meat-alternative producer Beyond Meat (NASDAQ: BYND) are down 22% Tuesday, as of 10:35 a.m. EST. The company has had a busy 24 hours that included its third-quarter earnings announcement, a new deal with Pizza Hut, and some confusion related to McDonald's (NYSE: MCD) upcoming plant-based offerings.
Beyond Meat reported a surprise loss of $19 million for its third quarter, with net sales increasing only 2.7% versus the year-ago period. The company said the poor performance was the result of the impacts from the COVID-19 pandemic that it hadn't yet felt in previous quarters.
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Source Fool.com
