Beyond Meat says it felt the full force of the coronavirus pandemic in the third quarter, leading to worse-than-expected financial results. The company cited consumer stockpiling in the second quarter, coupled with continuing struggles at restaurants and other food-service customers. Beyond Meat’s revenue rose 2.7% to $94.4 million. According to analysts polled by FactSet, that was far short of the $132 million that Wall Street forecast. El Segundo, California-based Beyond Meat said it lost $19.3 million for the quarter. Adjusted for one-time items, the company lost 28 cents per share. Analysts had forecast a 5 cent per share profit.
