Friday 02 December 2022

Starbucks posts weaker-than-expected 3Q revenue, lowers 2017 forecast

Starbucks said that it now expects to see earnings per share for full-year 2017 to be between $2.05 and $2.06. Previously, the company forecast EPS in the range of $2.08 to $2.12. The company also announced it will shutter all 379 Teavana locations by spring 2018.

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SEATTLE, U.S. – Starbucks shares declined in aftermarket trading Thursday after the company missed Wall Street’s projections in much of the world and lowered its full-year 2017 forecast.

The tepid results sent shares plunging and followed Starbucks’ agreement earlier Thursday to buy out its East China joint venture for $1.3 billion, the biggest deal in the company’s history.

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