00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Shake Shack shares plunged 30% on Thursday and were headed for their worst day ever
00:08after the burger chain reported a quarterly loss, according to Reuters.
00:12The company warned that higher beef costs and weak consumer spending
00:16tied to the Middle East war were hurting results.
00:18The restaurant chain reported adjusted profit of nearly break-even per share
00:23on $366.7 million in first-quarter revenue, missing analyst estimates of $0.12 per share
00:31and $371.9 million in revenue.
00:35Shake Shack also reported a quarterly loss of $0.01 per share,
00:39compared with a profit of $0.11 per share a year earlier.
00:43Executives said the ongoing Middle East war has impacted short-term performance
00:47as rising gasoline prices pressure restaurant spending and record beef prices strain costs.
00:53For all things money, visit Benzinga.com.
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