NEW YORK (TheStreet) -- Shake Shack (SHAK) shares are up 8.19% to $73.96 in after-hours trading on Wednesday after the fast food restaurant released its second quarterly report since its IPO in late January after the closing bell today.
The New York City-based restaurant reported first quarter earnings of 4 cents per share, easily beating analysts' consensus expectations of a 3 cent per share loss. Revenue for the period rose 56.3% to $37.8 million, also topping analysts' expectations of $33.95 million in revenue.
This is the company's second straight earnings beat in as many tries as Shake Shack reported a fourth quarter net loss of 1 cent per share, narrower than the 3 cents per share analysts forecast.
"We are pleased to have continued our strong momentum through the first quarter. During the quarter we opened three new Shacks as we entered Baltimore, Maryland in the Inner Harbor, and deepened our roots in the Boston market with Shacks opening on Newbury Street in the heart of the historic Back Bay neighborhood and in Dedham, MA at Legacy Place," said CEO Randy Garutti.
The company, which started off as a hot dog cart in Manhattan's Madison Square Park, currently has a market cap of approximately $2.5 billion.