Wednesday 04 October 2023

Starbucks shares decline despite record revenues in Q2, Outlook reiterated

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MILAN – Starbucks reported on Thursday afternoon another quarter of tepid sales growth. Revenues were up 14% from the same period the year before to a record $6.03 billion, and net income came in at $660.1 million, up 1.2%.

The coffee giant grew just as much as analysts expected in the latest quarter. However, the company’s share slipped nearly 3 percent in aftermarket trading Thursday. A sign investors were expecting more.

“The results aren’t what people have in mind necessarily with Starbucks being a ‘growth stock,”’ Bloomberg Intelligence analyst Jennifer Bartashus said. “Results were OK, just not great.”

Starbucks Corp. Chief Financial Officer Scott Maw assured investors that the company is investing “strategically and with a ‘long game’ mentality.”

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