Chipotle Mexican Grill's shares slumped 13% on Thursday, as weak consumer spending on dining out led to a bigger-than-expected fall in quarterly sales and caused the bowls and burritos maker to temper its annual sales target.

Shares of Chipotle Mexican Grill tanked on Thursday after reporting a revenue miss for the second quarter. Analysts noted mixed results, with improving trends in June and July but a cut in FY25 guidance due to macro volatility.

Chipotle Mexican Grill (CMG) stock is on track for its worst day since 2017 after a revenue miss and lowered annual profit forecast