CAVA Group Inc (NYSE:CAVA) reported second-quarter results ahead of Wall Street expectations on Wednesday, but shares fell 20% in after-hours trading.
The company posted earnings of 16 cents per share for the three months ended June, compared with analysts’ consensus estimate of 14 cents.
Revenue rose to $278.2 million from $249.66 million expected.
Cava also invested in Hyphen, a foodservice tech. company that uses robotics and artificial intelligence to automate the production of digital orders.
Hyphen has previously received a $15 million investment from Chipotle’s Cultivate Next Fund in July 2024, but Chipotle (NYSE:CMG) was not involved in the latest funding round.
Source :
https://www.investing.com/news/earnings/cava-beats-q2-earnings-but-shares-tumble-4186480
