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Starbucks disappoints with quarterly figures: sales and profits below expectations
Starbucks shares plunge after disappointing quarterly results. Find out why analyst expectations were missed and how NASDAQ responded. Finanz.net reports. 📉☕ #Starbucks shares #quarterly figures #NASDAQ #financial news
Starbucks disappoints with quarterly figures: sales and profits below expectations
The coffee house chain Starbucks published its business results report for the second quarter of the 2024 fiscal year after the US stock market closed. Earnings per share amounted to $0.68, which was well below analysts' forecasts, who had expected a value of $0.796. There was a decline compared to the same quarter last year, in which earnings per share were $0.74. Starbucks' quarterly revenue was $8.6 billion, which was below estimates of $9.12 billion. This marked a failure to meet sales expectations. In response, Starbucks' share price fell 7.9 percent in after-hours trading on the NASDAQ.
These results led to a significant drop in Starbucks shares due to missed expectations in the second quarter of fiscal 2024. Analysts had expected higher earnings per share than Starbucks ultimately reported. Quarterly sales were also below forecast figures, which had a negative impact on the share price. Despite the decline in sales compared to the same quarter last year, Starbucks is facing challenges to the company's growth and performance due to its failure to meet expectations.
Overall, Starbucks' second-quarter fiscal 2024 report reflects a disappointing performance, as both earnings per share and quarterly revenue missed analysts' expectations. The after-hours decline in the share price of 7.9 percent reflects investors' reaction to these figures. It remains to be seen how Starbucks will respond to these challenges and what actions the company will take to improve its performance and regain investor confidence.