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Sweetgreen Serves Up Guidance Cut, Wider Q2 Loss; Shares Slump

By Yasin Ebrahim

Investing.com -- Sweetgreen plunged in afterhours trading Tuesday after reporting quarterly results that fell short of Wall Street estimates and cutting its guidance.  

Sweetgreen (NYSE:SG) fell more than 22% in afterhours trading following the report. 

The salad chain reported a loss of 36 cents a share on revenue of $124.9 million. That compared with estimates for 30 cents a share on revenue of $130.2 million. 

As part of plan to cut costs the company said it would shed about 5% of its workforce. The company also said it would reduce its real estate footprint by "vacating the premises for the existing sweetgreen Support Center and moving to a smaller office space adjacent to our existing location."

Looking ahead, the company lower its guidance, citing a trend of softness in revenue around Memorial Day.

For 2022, revenue was estimates in a range of $480 million to $500 million, down from a prior estimate of $515 million to $535 million.

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.