Sweetgreen stock plummets after salad chain lowers forecast, announces layoffs and office downsizing

Shares of Sweetgreen plunged 23% in extended trading Tuesday after the salad chain lowered its 2022 forecast.

The restaurant company also said it will lay off 5% of its workforce and downsize to a smaller office building to lower its operating expenses.

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Loss per share: 36 cents, in line with estimates
• Revenue: $124.9 million vs. $130.2 million expected

This is a developing story. Check back for updates.