(Reuters) – Beyond Meat Inc forecast third-quarter revenue below estimates on Thursday, as a resurgence in COVID-19 infections keeps people from visiting fast-food restaurants.
The California-based company’s shares fell 5% in extended trading.
“Given the recent uptick of COVID-19 cases, which could disrupt demand patterns, we believe caution for the balance of the year generally remains appropriate,” Chief Executive Officer Ethan Brown said in a statement.
The company said it expects third-quarter net revenue of $120 million to $140 million, compared with analysts’ estimates of $153.3 million, according to IBES data from Refinitiv.
Net revenue rose 31.8% to $149.4 million in the three months ended July 3, exceeding estimates of $140.8 million.
(Reporting by Uday Sampath in Bengaluru; Editing by Devika Syamnath)
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