Tuesday 27 September 2022

Starbucks hits Wall Street’s target, but misses revenue expectations in first-quarter

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SEATTLE, U.S. – Starbucks earnings hit Wall Street’s target in the latest quarter, but shares fell 3.5 percent in aftermarket trading on Thursday.

The coffee giant reported 2017 first-quarter earnings that were in line with expectations, but revenue that missed estimates, as well as its lowest domestic same store sales growth in five years.

Starbucks posted adjusted earnings of 52 cents per share on $5.73 billion in revenue, compared to the Street’s estimates of 52 cents per share in earnings and $5.85 billion in revenue.

In the same quarter a year ago, the coffee shop chain reported 46 cents per share in earnings and $5.37 billion in sales.

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