Benzinga | Nov 15, 2021 02:38PM EST

Why Oatly Shares Are Falling Today

Oatly Group AB (NASDAQ: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.