Oatly Group AB slid over 15% in premarket trading as its revenue was lower than expected

Oatly Group AB slid over 15% in premarket trading as its revenue was lower than expected.The company announced its financial report for the third quarter of 2021.In the third quarter, its revenue was $171.1 million, a 49.2% increase compared to $114.7 million in the prior year period; as expected there was a benefit to revenue from foreign exchange, the benefit was approximately $4.4 million.Its gross profit was $44.9 million, or a 26.2% gross profit margin, compared to $36.0 million, or a 31.3% gross profit margin, in the prior year period.

Oatly Group said it expects revenue to exceed $635 million in fiscal 2021. In the long run, the company expects the total gross profit margin to exceed 40%.