(Reuters) -Beyond Meat said on Monday it is delaying its third-quarter results report by a week as it requires more time to quantify an impairment charge related to some of its assets.
The company, whose shares have recently seen a meme-stock frenzy, will now report its quarterly results on November 11, instead of its November 4 schedule earlier.
The plant-based meat maker said it was “not yet able to reasonably quantify the amount”.
Shares of Beyond Meat had soared about 240% in the week ending October 24, fueled by a fresh wave of buying among retail traders who have sparked meme stock frenzies on Wall Street in recent years.
The company had forecast third-quarter revenue above expectations in late October.
Beyond Meat has struggled with weak sales as demand dropped for its plant-based meat patties over the past four years. Recent shifts towards healthier foods driven by the “Make America Healthy Again” movement, the rise of weight-loss drugs, and persistent inflation have expedited its decline.
Despite the meme stock euphoria, it is still 56% lower this year. The stock was down about 1% in premarket trading on Monday.
(Reporting by Neil J Kanatt in Bengaluru; Editing by Leroy Leo)
Comments