Shares of Portillo's Inc. (NASDAQ: PTLO), a popular fast-casual restaurant chain, plunged by 5.05% in pre-market trading on Monday, despite the company reporting better-than-expected earnings for the third quarter of 2024.

Portillo's reported Q3 earnings of $0.11 per share, surpassing the analyst consensus estimate of $0.06 by a significant margin of 83.33%. However, the company's revenue of $178.252 million fell short of the analysts' expectations of $182.182 million, missing the estimate by 2.16%.

While the earnings beat was a positive surprise, the revenue miss appears to have raised concerns among investors about the company's growth prospects. In the current economic environment, where revenue growth is highly valued, the shortfall in top-line performance may have dampened investor sentiment, leading to the pre-market sell-off.