Sam Boughedda

Investing.com — The shares of Beyond Meat Inc After the release of fourth quarter earnings that fell short of analyst expectations, (NASDAQ:) extended trading dropped more than 9.9%

A plant-based meat firm announced a $1.27 per share loss on $100.7 million in revenue. According to analysts polled, Investing.comOn revenue of $101.11million, a 70c per share loss was expected.

The company attributed the 1.2% decrease in revenue to the “temporary disruptions in U.S. Retail Growth”, which was $101.9 million for the same period in 2013.

Ethan Brown, Beyond Meat CEO and President said that there was strong growth in international channel net revenue in 2021. There were also sporadic but promising signs of a resumption in growth in U.S. foodservice net revenues after COVID-19 variants peaked.

The investments made in infrastructure and people across U.S. and China as well as product scaling for strategic partners weighed on operating expenses and gross profit during fourth quarters and years that already saw lower volumes. We believe that these investments will drive our long-term success,” he said.

The company stated that it will continue to be affected by the “near term uncertainty” resulting from COVID-19, and its possible impact on supply chains, demand, labor availability, and other factors.

For 2022, the company expects to see net revenues between $560 million and $620 million. That’s an increase of 21 to 33% over 2021. The outlook assumed that Covid-19 infections rates would be contained in both the U.S. as well as abroad.