The Clap👏 Sweetgreen (NYSE: SG) saw its shares soar after the salad chain reported its first quarterly earnings results since going public last November.
It wasn’t the bottom-line📃 Sweetgreen isn’t profitable, yet. In fact, its losses widened in Q4-2021 compared to Q4-2020. Instead, investors were excited about the company’s better-than-expected sales growth, which rose 63% YoY to $96.4 million.
Sweetgreen shares soared more than 20% in extended trading on the back of the earnings report & strong sales projections for this year.
SG’s performance📉 Sweetgreen had an impressive IPO in mid-November of 2021, seeing its share price skyrocket more than 90% on its trading debut. However, the company has lost close to 60% of its market value since then, as investors worry about its lack of profitability.