
Cava beats Q2 earnings but shares tumble
The company posted earnings of 16 cents per share for the three months ended June, compared with analysts' consensus estimate of 14 cents. Revenue rose to $278.2 million from $249.66 million expected.
Cava and Chipotle also disclosed a $25 million Series B investment in Hyphen, a foodservice technology company that uses robotics and artificial intelligence to automate the production of digital orders. Chipotle contributed $15 million, while Cava invested $5 million and committed an additional $5 million subject to certain terms.
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Cava beats Q2 earnings but shares tumble
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