There’s no pretty way of putting it: Beyond Meat Inc.’s quarterly results could be described as dead meat.

The company’s stock
BYND,
-3.58%

was initially pummeled more than 10% in extended trading Wednesday after it reported a fiscal third-quarter net loss of $54.8 million, or 87 cents a share, compared with a net loss of $19.3 million, or 31 cents a share, in the year-ago quarter. Adjusting for one-time losses, Beyond reported a net loss of $36.8 million.

Revenue modestly improved 13% to $106.4 million from $94.4 million a year ago.

Analysts polled by FactSet had forecast a loss of 37 cents a share on revenue of $109.2 million.

“Our third-quarter results reflect variability as we saw a decline from record net revenues just a quarter ago,” Beyond Meat Chief Executive Ethan Brown said in a statement announcing the results. “Near-term market and operating conditions notwithstanding, we remain committed to our long-term strategy.”

The revenue forecast for the fourth quarter isn’t exactly sizzling, either. Beyond Meat projects between $85 million and $110 million. Analysts polled by FactSet have projected $130.5 million.

Investors had been bracing for the results. Company shares recently dipped below $100 and skidded to a 52-week low in trading Oct. 22 after Beyond warned of lower third-quarter revenue than previously forecast.

Beyond said it expected sales of $106 million, below its prior outlook of $120 million to $140 million. Wall Street analysts surveyed by FactSet were anticipating revenue of $109.2 million for the quarter. The company did not release an outlook for its quarterly earnings, but analysts are expecting a loss of 37 cents a share.

Beyond executives then blamed the revenue warning on COVID-19, labor shortages, and operational challenges.

Shares of Beyond Meat shares are down 25% this year, while the broader S&P 500 index
SPX,
-0.82%

has gained 23.7%.

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