Beyond Meat delays the release of Q3 financial report to assess significant impairment losses, dropping 8% in pre-market trading
The plant-based meat company Beyond Meat announced that it will delay the release of its third-quarter financial report to quantify an impairment loss. Following the news, the company's stock fell 11% in pre-market trading on Monday. As of the time of writing, the stock is down 8% in pre-market. The third-quarter financial report, originally scheduled for release on November 4, is now expected to be postponed until after the market closes on November 11. This impairment loss is related to certain long-term assets. Although the company expects this loss to have a "significant" impact on third-quarter performance, it currently "cannot reasonably quantify the specific amount and requires additional time, resources, and effort to complete the assessment."
According to Zhitong Finance APP, plant-based meat company Beyond Meat (BYND.US) announced that it will delay the release of its third-quarter financial report to quantify an impairment loss. Following the news, the company's stock fell 11% in pre-market trading on Monday. As of the time of publication, the stock was down 8% in pre-market.
Originally scheduled for release on November 4, the third-quarter financial report is now expected to be postponed until after the market closes on November 11.
This impairment loss is related to certain long-term assets. Although the company expects this loss to have a "significant" impact on third-quarter performance, it currently "cannot reasonably quantify the specific amount and requires additional time, resources, and effort to complete the assessment."
