Oatly stock slides 5% premarket as earnings fall short of estimates hurt by COVID restrictions in Asia, strong dollar
Kabuhayan Ang oatly stock ay bumaba ng 5% premarket dahil kulang ang mga kita sa tinantyang nasaktan ng mga paghihigpit sa COVID sa Asia, malakas na dolyar 11 / 14 / 2022 Balita ng Ethereum ng Bitcoin Oatly Group AB OTLY, -18.98% stock slid 5% in premarket trade Monday, after the Swedish maker of oat-based dairy products posted a wider-than-expected third-quarter loss and revenue that fell short of estimates. The company had a net loss of $107.9 million, or 18 cents a share, in the quarter, wider than the loss of $41.2 million, or 7 cents a share, posted in the year-earlier period. Revenue rose to $183.0 million from $171.1 million a year ago. The FactSet consensus was for a loss of 10 cents and revenue of $210 million. “Third quarter financial results were below our expectations, largely driven by COVID-19 restrictions in Asia, production challenges in the Americas, and continued foreign exchange headwinds,‘ Chief Executive Toni Petersson said in a statement. The company has taken strategic measures to adapt its supply chain network and simply its structure with the aim of using an asset-light approach to improving profitability. ”The framework for the supply chain network strategy is centered on focusing investments on Oatly’s proprietary oat-base technology