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Starbucks profits beat on China recovery, shares dive on guidance

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Starbucks Corp beat Wall Street estimates on Tuesday for quarterly profits, powered by a sharp recovery in business in China, but shares fell about 6% in after-hours trading after the company did not lift its 2023 guidance.

Some Starbucks investors may have taken profits after Starbucks' stock jumped 16% in the past five weeks with "a pretty big run" into the earnings report, Edward Jones analyst Brian Yarbrough noted.

Customers visited more often and spent more per trip, according to the earnings release. Excluding one-time items, Starbucks earned 74 cents per share, beating estimates of 65 cents. The chain also keeps adding customers to its rewards program, which now has 30.8 million active members in the United States, up 15% over this time last year, according to its earnings release.

Source: News Formal (newsformal.com)

 

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