From CNBC:

Starbucks reports weak quarterly earnings, missing revenue estimates and lowering full-year sales outlook. Stock closes down 1% and market cap falls to $105 billion. CEO blames Middle East war, US perceptions, and cautious Chinese consumers. Executives expect challenges to subside as 2024 progresses, and plan to attract customers with promotions, social media spending, and new drink offerings.

Despite lowering full-year revenue and same-store sales growth outlook, Starbucks reaffirms fiscal 2024 earnings per share growth forecast, which lifts stock price and demonstrates overall business strength. William Blair analyst praises Starbucks’s ability to deliver results in a challenging environment.



Read more: Starbucks’ earnings report was weak — but Wall Street expected worse