Beyond Meat expects to post quarterly revenue above estimates

Packages of Beyond Meat's Beyond Burgers and Beyond Sausage, are shown in this photo, in New York, April 29, 2021. (AP Photo/Richard Drew)

Beyond Meat said on Friday it expects to record third-quarter revenue above analysts’ expectations, at a time when the faux meat maker’s highly shorted shares have been on a rise.

The company said it expects quarterly revenue of US$70 million, above estimates of US$68.9 million, according to data compiled by LSEG.

Shares of the company have risen nearly 500 per cent in the last week, fueling a fresh wave of buying among retail traders who have sparked meme stock frenzies on Wall Street in recent years.

The company also expects quarterly operating expenses to be in the range of US$41 million to US$43 million for the three months ended September 27, while also flagging a significant impairment charge.

Reporting by Neil J Kanatt in Bengaluru; Editing by Vijay Kishore