What happened

Shares of Shake Shack (NYSE:SHAK) fell as much as 12.6% on Friday, following the release of strong second-quarter results. Yes, you read that right.

So what

In the second quarter, the burger chain's sales rose 27% year over year to $116.3 million. The average analyst would have settled for $111 million. On the bottom line, adjusted earnings surged 51% higher to land at $0.29 per diluted share. Here, the Street consensus had been calling for $0.18 per share.

But the story changes when you look ahead. Shake Shack's reiterated revenue guidance for the full year centered around $448 million, significantly below the current analyst view that calls for roughly $452 million.

A cheeseburger placed in the middle of a brown tabletop

Image source: Shake Shack.

Now what

Analysts and investors had been hoping for one of those tasty beat-and-raise performances, but had to settle for an unchanged revenue target. To be clear, executives' comments on the earnings call implied that they had been hoping to come up with a more optimistic sales target themselves, only pausing due to several new store openings being pushed into later periods by slow permitting and development processes.

But it's hard to complain about a 12% price drop when the stock still nearly doubled over the last year, posting a 91% total gain. Shake Shack remains a market darling with nosebleed valuation ratios, even after this quick haircut.

Anders Bylund has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.