OTLY - Why Oatly Stock Plunged Today
Shares of Oatly (NASDAQ: OTLY) fell 20.8% on Monday after the plant-based foods company cut its full-year sales forecast.
Oatly's revenue surged 49.2% year over year to $171.1 million in the third quarter. The provider of dairy alternatives was able to increase its produced finished goods volume by 77% to 131 million liters after boosting capacity at its facility in Vlissingen, Netherlands. Restaurant and retail store reopenings following the easing of coronavirus-related restrictions also contributed to the revenue gains.
"The robust third-quarter revenue increase reflects broad-based growth across geographies and sales channels," CEO Toni Petersson said in a press release. "We're pleased with our ability to continue to be a leader in driving growth and sales velocity for the plant-based milk category within our key markets."
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Why Oatly Stock Plunged Today