Beyond Meat, Inc. (BYND) shares plummeted 5.51% in intraday trading, as investors continue to react to the company's recent announcements and ongoing challenges. The plant-based meat alternative producer has been facing a series of setbacks that have shaken investor confidence.

The steep decline comes in the wake of Beyond Meat's unexpected decision to delay its third-quarter earnings report. The company cited the need for additional time to finalize a "substantial non-cash impairment charge" related to its long-lived assets. This delay, coupled with mentions of "ongoing restructuring and operational challenges," has raised concerns among investors about the company's financial health and future prospects.

Adding to the negative sentiment, Beyond Meat's preliminary third-quarter guidance has disappointed the market. The company projected revenue in the range of $68 to $73 million, which represents a significant decline from the $81.01 million reported in the same period last year. This stagnation in revenue growth, combined with persistent margin pressures, paints a troubling picture for the once-high-flying alternative meat company. Analysts are now forecasting a loss of 42 cents per share for the quarter, further dampening investor enthusiasm.