Starbucks gets a price target cut after a brutal quarterly miss and light guidance [MSNBC.com]
Starbucks Corporation (SBUX)
Last starbucks corporation earnings: 4/28 04:05 pm
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Source: MSNBC.com
Starbucks shares plummeted Tuesday evening by roughly 11.5% after the coffee giant dered a much weaker-than-expected quarter. The company also cut its outlook for fiscal 2024, leaving little room for optimism of a quick rebound in traffic at its stores. Revenue fell 2% year over year to $8.56 billion in the fiscal 2024 second quarter, below the $9.13 billion expected by analysts, according to LSEG. Adjusted earnings per share of 68 cents fell 14% year over year, missing the 80-cent estimate. Starbucks Why we own it : Starbucks has one of the most recognizable brands of any restaurant. But over the last few years, operations have been challenged by store inefficiencies and a slow recovery in China. Under CEO Laxman Narasimhan, we think there is a plan in place to unlock growth and improve margins over time. Competitors : Dutch Bros , McDonalds and Dunkin' Donuts Most recent buy : Feb. 14, 2024 Initiated : August 2022 Bottom line We have been saying for weeks to be ready for a miss when
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SBUX
Earnings
- 4/30/24 - Miss
SBUX
Sec Filings
- 5/17/24 - Form 4
- 4/30/24 - Form 10-Q
- 4/30/24 - Form 8-K
- SBUX's page on the SEC website