Starbucks Shares Plummet To 21-Month Low On Weak Sales [Forbes]
Starbucks Corporation (SBUX)
Last starbucks corporation earnings: 4/28 04:05 pm
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Source: Forbes
Shares of Starbucks hit their lowest point since July 2022. Starbucks' stock plummeted minutes after 4 p.m. Tuesday afternoon, dropping more than 10% to nearly $80 per share—its lowest point since July 2022. That single-day drop also represents the coffee chain's worst day on Wall Street since May 2023. Starbucks reported a 15% drop in net income (to $772 million) compared to this time last year in its , with a 2% drop in revenue over the same period, to $8.56 billion—well off the $9.13 billion analysts had predicted. That slump also came as a surprise to analysts, who had estimated Starbucks would post a 1% increase in comparable store sales during the first three months of the year, only to see a 4% decline, thanks to a 3% drop in the U.S. market and a 6% drop internationally. Starbucks CEO Laxman Narasimhan the dip to a “highly challenged environment,” arguing in a financial filing with the Securities and Exchange Commission that the “quarter's results do not reflect the
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SBUX
Earnings
- 4/30/24 - Miss
SBUX
Sec Filings
- 5/21/24 - Form 144
- 5/17/24 - Form 4
- 4/30/24 - Form 10-Q
- SBUX's page on the SEC website