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Beyond Meat shares nosedive as Covid-19 hits demand for plant-based meat

Beyond Meat shares nosedive as Covid-19 hits demand for plant-based meat

Beyond Meat shares nosedived more than 25% on Monday after the flagship name in the plant-based meat field reported third-quarter results, which was far short of Wall Street estimates. Beyond Meat reported a loss of $19.3 million, (31 cents/share) versus a net income of $4.1 million (6 cents/share) in the year-ago quarter. Revenue improved just 3% to $94.4 million from $92 million a year ago.

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