The Latest Breaking News from Sweetgreen

Fast casual dining has hit a rough patch in recent years, with the pandemic-era boom wearing out amid growing inflationary pressures that are taking a toll on consumer spending.

Fast-casual's bowl brigade is tasting something new this season: a healthy serving of valuation discipline. Once priced like tech disruptors, Chipotle Mexican Grill Inc (NYSE:CMG), CAVA Group Inc (NYSE:CAVA) and Sweetgreen Inc (NYSE:SG) are now navigating a sharp reset as investors reassess growth expectations and future profitability.

The core issue: "I think it’s pretty obvious the consumer is not in a great place overall," Sweetgreen CEO Jonathan Neman said.

The COVID-19 pandemic-era boom in fast casual dining is officially cooling, and the industry's once high-flying "bowl brigade" — Chipotle Mexican Grill Inc (NYSE:CMG), Sweetgreen Inc (NYSE:SG), and CAVA Group Inc (NYSE:CAVA) — is now fighting to keep both customers and investors on their side.

The urban salad chain, which dominated the zeitgeist of the 2010s, cut its annual outlook the last two quarters consecutively.

Second quarter earnings reveal a tale of two bowls as Sweetgreen Inc (NYSE:SG) and Cava Group Inc (NYSE:CAVA) duke it out in the fast-casual restaurant sector.

Shares of Sweetgreen Inc (NYSE:SG) are trading sharply lower Friday morning after the company reported weaker-than-expected second-quarter results and cut its full-year revenue forecast, prompting multiple Wall Street analysts to lower their price targets.

Sweetgreen Inc (NYSE:SG) shares are tanking in Thursday’s after-hours session after the company turned in worse-than-expected financial results and cut its full-year guidance.

On CNBC's “Mad Money Lightning Round,” Jim Cramer recommended buying Okta, Inc. (NASDAQ:OKTA), saying he wants to own more Okta.