In a third-quarter trading update, A2 said revenue for the nine months to March 31 was $NZ660 million, up about 70 per cent from the same time a year ago and more than the $NZ549.5 million in the whole of FY17.
Harbour Asset Management senior research analyst Oyvinn Rimer said several other high-growth stocks - particularly ones like a2 Milk that trade on high price earnings multiples - had seen their share prices drop over the last six months after issuing guidances that failed to match optimistic market expectations.
New Zealand dairy firm a2 Milk Company Ltd dashed market expectations on Wednesday with a forecast for annual revenue growth of more than 63 percent, sending its shares to a three-month low.
Revenue in that year rose 56 per cent to $549.5m.
The company's more modest revenue expectation was based on the possibility that a planned labelling change may have an impact on sales, he said.
Revenue in the 12 months ending June 30 is expected to be $900 million-to-$920 million, up from about $550 million previous year, when the Auckland-based company reported that profit tripled.
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A2 Milk on Wednesday said it expects to spend about $NZ82 million to $NZ87 million on marketing investments for the full year, given higher expenditure primarily in its USA and China businesses.
In an worldwide investor presentation released on Wednesday, a2's managing director Geoffrey Babidge said the company's growth reflected "increasing consumer acceptance of our brand and the benefits of dairy-based products free from the A1 beta casein protein type".
"The announcement by a2 Milk today highlights that the competitive environment for this business has deteriorated as evidenced by the additional spend that it requires for marketing their product in China", Robertson said.
On liquid milk, sales had continued to rise, with the company's market share of this market now at 9.6 per cent.
a2 Milk's infant dairy formula splits out the A2 protein from cow's milk, which differeniates it from normal cow's milk which has both A1 and A2 proteins.
The strong analyst forecasts had come after the company doubled its first-half profit to $NZ98.47 million on the back of strong growth in infant formula and liquid milk sales in core markets.