Shares in Oatly Group, the maker of fake milk and other "alternative dairy" products, dropped more than 20% in US trading after the company reported third-quarter revenue that missed analyst estimates and reduced its own forecast for full-year earnings.

The drop in the share price means the company's value has plunged almost 80% since a year ago, nearly as bad a performance as fake-meat maker Beyond Meat Inc.

Oatly reported a net loss of $107.9m, worse than expectations for a loss of $62m. The company also announced a restructuring to reduce overhead and wage costs by 25%.

As part of the restructuring, the company's EMEA president has left, with chief operating officer Daniel Ordonez assuming oversight of this region.