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Starbucks disappoints with quarterly figures: sales and profits below analyst expectations
Starbucks shares are falling by double digits after disappointing quarterly figures. Learn more about Starbucks' profit forecasts and revenue misses. #Starbucks #stock #quarterly figures
Starbucks disappoints with quarterly figures: sales and profits below analyst expectations
Coffee house chain Starbucks reported its quarterly results for the second quarter of fiscal 2024 after the US trading close on Tuesday. Earnings per share came in at $0.68, well below analysts' expectations, who had forecast earnings of $0.796 per share. There is a decrease compared to the same period last year, in which the result was 0.74 US dollars.
Starbucks' quarterly revenue came in at $8.6 billion, which was below expectations. Experts had expected sales of $9.12 billion, based on the previous quarter in which Starbucks earned $8.72 billion. These missed numbers led to a significant decline in the Starbucks share price by 15.88 percent to $74.44 on the NASDAQ.
The disappointment over the missed expectations was reflected in the reaction of the stock market, with investors pushing the price sharply downwards. The challenges Starbucks faces are evident in its quarterly results and may require further adjustments to regain investor confidence. Given these figures, the outlook for the company in the coming quarters now remains uncertain.