(Reuters) -Beyond Meat Inc forecast fourth-quarter revenue below estimates on Wednesday, signaling continued weakness in demand from grocery stores that sell its plant-based meat products, driving its shares down 10% in extended trading.
Beyond Meat cut its third-quarter revenue forecast last month as the faux meat maker, which generates the bulk of its revenue from retailers, took a hit from fewer people stockpiling plant-based burgers and sausages at home after they returned to dining out.
The company also flagged a host of other issues hitting its business, including a labor shortage that has led to delays in restocking shelves and severe weather causing damage to inventory stored at one of its facilities.
The company said it expects fourth-quarter net revenue of $85 million to $110 million, compared with analysts’ estimates of $131.6 million, according to IBES data from Refinitiv.
Net revenue rose 12.7% to $106.4 million in the three months ended Oct. 2, compared with estimates of $109.2 million, according to IBES data from Refinitiv.
(Reporting by Uday Sampath in Bengaluru; Editing by Vinay Dwivedi)
