Beyond MeatOn Thursday, the company reported that it suffered a larger-than-expected loss in fourth quarter and that its revenue was shrinking.

Although the company released a poor forecast for 2022 revenues, it stated that it will spend less to grow it business.

The company’s shares fell by over 10% during extended trading.

Based on an analysis of Refinitiv analysts, here’s the report the company made for the three months ending Dec. 31, compared to what Wall Street expected.

• Loss per share: $1.27 vs. 71 cents expected
• Revenue: $100.7 million vs. $101.4 million expected

Above reported a fourth-quarter loss of $80.37million or $1.27c per share. It was more than its loss in the same period last year, when it lost $25.08million or 40c per share. Refinitiv surveyed analysts and forecasted a loss at 71 cents per shares.

Net sales dropped 1.2% to $100.7 million, falling short of expectations of $101.4 million.

Ethan Brown, CEO of the company stated in a statement that it expects to “substantially reduce” its operating expense growth in 2022. This could allow the company to return to profitability.

Brown explained in the statement, “The investments made in our infrastructure, team and capability across U.S., EU and China, along with extensive product scaling activities to key strategic partners, had a significant impact on operating expenses, gross margin, during a fourth quarter, and year that was already impacted, by lower-than expected volumes”.

The quarter saw U.S. grocery sales fall 19.5% to $49.98million. This slump can be attributed by Beyond to decreased demand, higher discounts, loss in market share, and five fewer shipping day compared with the same period last year. Although the business’s largest revenue-generating division experienced a record 2020 demand, it has not been able to maintain that growth.

The U.S. foodservice sector saw sales rise 34.7% to $20.63million in the third quarter. Beyond Beyond, however, saw international sales rise 22.6% to $30.07M across grocery and food services.

Beyond predicts that 2022 will see revenue between $560 and $620 millions, an increase of 21 to 33 percent over last year. This outlook is slightly lower than Wall Street’s $637.3 million net sales forecast.