Oatly falls after cutting sales outlook

Oatly AB

14/11/2022 16:56

(Updates)
    ** Shares of plant-based milk maker Oatly Group AB  OTLY.O 
fall as much as 20.4% to $1.95 on Monday
    ** Company cuts FY22 sales outlook to $700 mln-$720 mln from
previous forecast of $800 mln-$830 mln; Also misses Q3 revenue
estimates - Refinitiv
    ** Oatly says COVID-19 restrictions in Asia, a stronger
dollar and  production challenges in the Americas are limiting
sales momentum 
    ** Company announces reorganization and layoff plan to save
$25 mln in annual costs 
    ** OTLY last down 18% and set for biggest one-day pct drop
since November 2021 if losses hold
    ** Oatly stock down over 74% so far this year, while Beyond
Meat Inc  BYND.O  dropped ~76%
 (Reporting by Johann M Cherian and Uday Sampath in Bengaluru)
 ((johann.mcherian@thomsonreuters.com))