Shares of Oatly Group (NASDAQ: OTLY) dropped in pre-market trading on Monday as the oat drinks company’s Q3 results missed estimates. The company reported revenues of $183.03 million, a growth of 7% year-over-year but falling short of analysts’ estimates by $28.1 million.
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Oatly’s loss per share more than doubled to $0.18 in Q3 versus $0.07 in the same period last year. Analysts were expecting a loss of $0.1 per share.
Toni Petersson, Oatly’s CEO, commented, “For fiscal 2022, we are lowering our outlook primarily to reflect COVID-19 pressures negatively impacting sales in Asia, operational challenges in Americas which limits our ability to accelerate sales momentum, and continued foreign exchange headwinds. In the meantime, we have taken actions to adjust our supply chain network strategy and simplify our organizational structure for a more balanced growth equation moving forward.”