(Reuters) -Beyond Meat said 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, sending its shares about 12% lower in early trading on Monday.
The plant-based meat maker, whose shares have recently seen a meme-stock frenzy, will now report its quarterly results on November 11, instead of its earlier November 4 schedule.
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.
Despite the meme stock euphoria, Beyond Meat’s shares were still 56% lower this year through its last close.
The company had forecast third-quarter revenue above expectations and flagged the significant impairment charge in late October.
Beyond Meat on Monday said it was “not yet able to reasonably quantify the amount”.
The company has struggled with weak sales as demand dropped for its plant-based meat patties over the past four years, with recent shifts towards healthier foods driven by the “Make America Healthy Again” movement and the rise of weight-loss drugs, as well as rising inflation, expediting its decline.
(Reporting by Neil J Kanatt in Bengaluru; Editing by Leroy Leo)
