Shares of plant-based food company Beyond Meat (BYND) - Get Report dropped almost 30% after hours Monday after the company reported third-quarter results that fell well short of analyst estimates for the period.
The El Segundo, Calif.-based company reported net revenues of $94.4 million and a loss of 28 cents per share. Analysts were expecting revenue of $132.81 million and earnings of 5 cents per share.
"Our financial results reflect a quarter where for the first time since the pandemic began, we experienced the full brunt and unpredictability of COVID-19 on our net revenues," said CEO Ethan Brown in a statement. "Unlike the second quarter where record retail buying and freezer loading by consumers offset the deterioration of our foodservice business as COVID-19 stay-at-home and related measures set in, the long tail of retail stockpiling by consumers... led to Q3 results that were lower than we expected."
Beyond Meat, which did not issue guidance in the second quarter, said Monday that it will continue to withhold guidance due to the uncertainty around the coronavirus pandemic.
Beyond Meat shares fell 29.6% to $105.94 after hours Monday.
Share of the company fell sharply Monday morning after McDonald's (MCD) - Get Report, the world's largest fast food chain, said it would be introducing a new plant-based menu to be sold under the McPlant name that would include burgers, faux chicken and meat for breakfast sandwiches.
However, Beyond Meat shares bounced back after McDonald's clarified that Beyond Meat collaborated with the company on its McPlant menu items.
McDonald's had earlier partnered with Beyond Meat for a test run for a plant-based burger in Canada. That test ended on April 6 and McDonald's said at the time that it had no plans to bring back the menu item.