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Sweetgreen sinks as salad maker posts earnings miss and slashes guidance (again)

Sweetgreen shares slumped 25% Thursday after the cult favorite salad chain missed Q2 estimates and cut its full-year revenue forecast for the second quarter in a row.

The company posted a Q2 loss of $0.15 per share, wider than the $0.10 loss analysts had expected. Revenue came in at $185.6 million, also shy of Wall Street’s $191.9 million forecast. Same-store sales missed estimates as well, dipping 7.6%.

But the real gut punch came from its latest guidance cut: Sweetgreen now expects full-year 2025 revenue between $700 million and $715 million, down from its forecast of $740 million to $760 million in May and as much as $780 million in its February outlook. Not a great look for a brand that wants to be the next Chipotle!

CEO Jonathan Neman called it a “really, really rough quarter” on Thursday’s earnings call, sharing that just one-third of the company’s locations are performing at or above internal standards. Orders rose 17% year over year to $82.7 million, but average order value fell 5%, which execs partly blamed on changes to its delivery perks for Instacart+ members.

Sweetgreen shares are now down 70% year to date.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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