Shake Shack shares crater 30% after burger chain reports operating loss

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Shake Shack

stock tumbled 30% in morning trading on Thursday after the burger chain reported an operating loss of $2.6 million.

The company’s earnings and revenue also fell short of Wall Street’s expectations, based on a survey of analysts by LSEG. Shake Shack said its earnings per share broke even, well below Wall Street estimates of 12 cents per share. The chain also reported quarterly revenue of $367 million, missing estimates of $372 million.

On the company’s earnings conference call, Shake Shack CEO Rob Lynch said that winter storms and an increase to its projections for store openings this year weighed on the company’s quarterly earnings before interest, taxes, depreciation and amortization. The burger chain has also dealt with higher beef costs, although prices aren’t rising as fast as they were a year ago.

Shake Shack shares crater 30% after burger chain reports operating loss

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