Oatly Tumbles After Cutting Sales Forecast on Supply-Chain Snarls
Photographer: Gabby Jones/Bloomberg
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Oatly Group AB tumbled after the newly public maker of vegan food and drink cut its sales expectation for the year, citing supply-chain snarls and pandemic-related obstacles that are weighing on growth.
Revenue will exceed $635 million in 2021, Oatly said Monday in a statement as it reported third-quarter earnings, a reduction from its prior forecast of above $690 million. Analysts had expected about $694 million, according to the average of estimates compiled by Bloomberg.