Shake Shack (SHAK) Shares Drop 30% After $2.6M Operating Loss

Shake Shack (SHAK) shares declined 30% in morning trading following a reported operating loss of $2.6 million. The company's earnings fell short of Wall Street expectations, reporting earnings per share of break even against an estimated 12 cents. Quarterly revenue stood at $367 million, missing projections of $372 million. For the full year, Shake Shack expects EBITDA in the range of $230 million to $245 million and reiterated its revenue forecast of $1.6 billion to $1.7 billion, noting potential impacts from the ongoing conflict in the Middle East on its operations.