Beyond Meat (BYND) Stock Plunges 18% Following Q3 Miss and Lower Q4 Guidance

Beyond Meat (NASDAQ: BYND) shares fell over 18% after-hours Wednesday after the company reported its Q3 results, with EPS coming in at ($0.87), worse than the consensus estimate of ($0.39). Quarterly revenue grew 12.7% year-over-year to $106.4 million, compared to the consensus estimate of $109.2 million.

Growth in net revenues was due to a 143% year-over-year increase in International Net Revenues (due to expansion of overall distribution, accelerated orders, and, to a lesser extent, new product introductions) partially offset by a 13.9% year-over-year decrease in U.S. net revenues (due to lower overall demand, and operational challenges with severe weather as a key driver, partially offset by sales from new product introductions).

The company provided its Q4 outlook, expecting revenue to range from $85 to $110 million, significantly lower than the consensus estimate of $131.6 million.

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