The Mexican food restaurant reported first-quarter net income of $88.1 million, or $3.40 per share on an adjusted basis, on revenue of $1.31 billion, a nearly 14% increase from the previous year.
Analysts were expecting the company to report earnings of $3.01 per share on revenue of $1.27 billion.
Despite the earnings and revenue beat, the stock tumbled 5.3% to $671.16.
The revenue beat was partially driven by a 100.7% increase in the company's digital sales as Chipotle has doubled down on its digital strategy by launching a digital loyalty program and equipping its stores to handle off-site orders.
Same-store sales also helped drive growth, with comps growing 9.9% year over year, ahead of the 7.29% analysts were expecting for the period.
"The on-going improvement in each of our key operating metrics over the past few quarters gives us confidence that our mission to win today and cultivate the future, is resonating," said Brian Niccol, chief executive officer. "This is the fifth consecutive quarter of accelerating comps, which reinforces our view that when we connect with guests through culturally relevant marketing focused on Chipotle's great taste and real ingredients, and provide more convenient access with less friction, they respond enthusiastically."
TheStreet's Jim Cramer is bullish on the company following its turnaround thanks to the leadership of new CEO Brian Niccol.