Shares of Starbucks Corporation (NASDAQ: SBUX) fell sharply after hours after reporting third-quarter earnings that missed analyst expectations.
Shares are down 9.36% to $47.50 in the first 20 minutes of after-hours trading. The stock rose 3.96% to $52.40 in regular trading hours.
Starbucks’s operating income was $491.6 million, or 43 cents a share, up from $402.2 million, or 36 cents a share, in the year-earlier period. Analysts were expecting earnings of 45 cents a share, according to data compiled by Thomson Reuters.
The company reported revenue of $3.30 billion in the third quarter, up from $2.93 billion in the year-earlier period. Analysts were anticipating revenue of $3.33 billion.
Revenue in the Americas, the company’s largest unit by far, reported revenue of $2.47 billion, up from $2.28 billion compared to last year. The company’s top line was boosted by the opening of 231 net new stores worldwide.
Starbucks has set a target of earning 44 cents to 45 cents a share for the fourth quarter.
Samuel Weigley
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
