Is Shake Shack losing popularity?

It depends on how you define popularity, but generally, no, Shake Shack is not losing popularity. It has grown to over 300 locations in the last decade and saw great gains in revenue. Shake Shack did also experience a loss in total income last year.

However, this can be interpreted as a result of their expansion combined with the Covid Pandemic. Shake Shack has added many new locations and employees, and while revenue has grown, this expansion has incurred costs during a tough economic time. Due to the loss of net income, Shake Shack did see its share prices drop.