Oatly Group AB OTLY is trading significantly lower Monday after the company announced worse-than-expected third-quarter revenue results and issued guidance.
Oatly reported a quarterly earnings loss of 7 cents per share, which beat the estimate for a loss of 9 cents per share. The company reported quarterly revenue of $171.1 million, which came in below the estimate of $185.95 million.
Oatly expects full-year 2021 revenue to be at least $635 million versus the estimate of $694.08 million.
“Global consumer demand for our products continues to be strong and grow as we expand production and increasingly scale our operations. The robust third quarter revenue increase reflects broad-based growth across geographies and sales channels," said Toni Petersson, CEO of Oatly.
Related Link: Oatly Group Shares Plummet On FY21 Revenue Outlook Cut
OTLY Price Action: Oatly has traded as high as $29 and as low as $11.13 over a 52-week period.
The stock was down 22% at $9.21 at time of publication.
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