Starbucks experienced a significant downturn in its financial performance, reporting a substantial miss in its Q2 earnings across all regions, including a notable 11% drop in China. The company's consolidated net revenues fell by 1.8% to $8.6 billion, missing expectations of $9.15 billion, and EPS missed by 12 cents. This marks Starbucks' first sales decline in more than three years, with same-store sales down 4% versus an estimated 1.5% decline, and US same-store sales down 3%. The downturn was reflected in Starbucks' stock price, which plummeted by approximately 14% in after-hours trading, reaching a 52-week low, and further down 13% pre-market. In response to these challenges, Starbucks has revised its 2024 revenue growth guidance to low single digits and lowered its global comps growth forecast. The company attributes the downturn to weaker consumer demand, exacerbated by rising prices and economic uncertainties.
BUSINESS: Starbucks shares fell by 15.8% in today's trading after missing revenue expectations
Starbucks nearing its largest drawdown in 15 years $SBUX https://t.co/AijC4R0cA3
Starbucks having its worst percent drop since the start of the pandemic after reporting disappointing earnings. The CEO joined CNBC this morning to make the bull case for the stock, but it didn't make it much better: https://t.co/KeAZdT7n8D
$SBUX just posted its first global sales drop since the 2020 pandemic https://t.co/zVjtGnnuTU
🇺🇸 Starbucks said on Tuesday that global revenue fell 1.8 percent, to $8.56 billion https://t.co/4z7icYkjmn
“.. after the company cut guidance for a third straight quarter and posted the first sales decline since late 2020.” @business $SBUX https://t.co/U9dMT4HwII https://t.co/fbNNunLSFE
Starbucks stock plunges 14% after badly missing its Q2 earnings estimates https://t.co/EiaGpuk6qw by @BrookeDiPalma
Starbucks on Brink Of Worst Crash Since Dot Com After "Stunning" Earnings Miss https://t.co/I08asv1UTj
Starbucks is having its worst post-earnings-report trading session since 2000 https://t.co/wnLtY4rQ4s
⚠️BREAKING: *STARBUCKS TUMBLES 17% IN BIGGEST ONE-DAY DROP SINCE MARCH 2020 $SBUX https://t.co/Bzce48Va29
BREAKING 🚨: Starbucks $SBUX on track for its biggest loss in 24 years 👀 https://t.co/0NlLT19Dz3
"This decline in comp stores numbers...is perilous to the actual existential existence of Starbucks." $SBUX saw a severe drop-off in its loyalty membership-- CEO Laxman Narasimhan tells @jimcramer that the company has an action plan in place to bring back customers. https://t.co/eUyNOi1aNh
$SBUX stunned Wall Street with missing its second-quarter earnings estimates. CEO Laxman Narasimhan tells @jimcramer that the quarterly results were hit by three key headwinds - and explains why the company chose not to pre-release. https://t.co/XcHCh4Qquc
Analysts bail on Starbucks with 2 downgrades, slashed price targets. 'Stunning across-the-board miss,' says Blair https://t.co/YDpMHRcQW7
$SBUX Starbucks CEO on Q2 miss: Didn't communicate the value we provide in a more aggressive manner (9 min of interview that ... doesn't inspire confidence) https://t.co/EOetRDzgaY
LISTEN NOW: Starbucks CEO Laxman Narasimhan joins the program exclusively to discuss his company's weaker-than-expected quarterly results and guidance that caused its stock to plunge. Listen and follow the @SquawkStreet podcast here: https://t.co/FZ7yRasmzi https://t.co/frRLNbyxo5
Starbucks shares plunge 15% as chain warns on 2024 profits, cites ‘higher inflation’ as ‘risk factor’ https://t.co/kHJPWS7GYJ https://t.co/3NjcaN22n2
Starbucks cuts outlook and promises innovations amidst declining Q2 performance https://t.co/K58W3UgDBh https://t.co/eID1awiXeU
Starbucks $SBUX had been up 60% off its 2022 bear market lows at its highs early last year, but it's now up just 5.7% off those lows after falling another 15% today following earnings. https://t.co/oO8JbKw8qf
Starbucks shares tumble as China, US demand slowdown clouds outlook https://t.co/Ar5gVv6OFZ https://t.co/ziZlaIacwh
🇺🇸 Starbucks earnings: Sales fall short as challenges mount https://t.co/wWU1jeBq5p
$SBUX down nearly 13% pre-market as burnt coffee loses its consumer appeal
Starbucks stock -13% and customer traffic -6% this quarter. Starbucks stock, $SBUX, is now down -20% since this @elonmusk meme. Did all of Starbucks' customers finally pick X Premium instead? https://t.co/jAEy5yB72n
The collapse of Starbucks is truly insane: 1. Company wide same store sales fell 4% and traffic fell 6% this quarter 2. In China, same store sales plunged 11% with an 8% decline in the average order 3. International same store sales FELL 6% while a 1.4% GAIN was expected 4.… https://t.co/s9BTlvfch0
⚠️ STARBUCKS SHARES TUMBLE AS CHINA, US DEMAND SLOWDOWN CLOUDS OUTLOOK Full Story → https://t.co/OmAfDv5P6M Shares of Starbucks fell nearly 14% before the bell on Wednesday, after the coffee chain cut its annual forecasts on persistent weak demand in the United States from… https://t.co/beLg6yfupx
Starbucks down >13% pre-mkt after a disastrous earnings report and guide. Earlier this week I gently touched on a few reasons to be cautious It's great to be back running my mouth about stocks w/ @herbgreenberg and the rest of the @StreetBeatsPros team. Check it out! $SBUX https://t.co/sBiSsmzIYQ
$SBUX down roughly 14% and $SMCI down roughly 12% this morning. Starbucks had horrible earnings and SMCI didn’t raise guidance enough.
#Starbucks shares are down 13% pre-market, following an earnings miss and reduced guidance. Rising prices, not just for #coffee but everything else, are forcing their customers to cut back. #Inflation means that premium coffee is a luxury that many consumers can no longer afford.
Starbucks Posts First Sales Drop Since 2020 During Global Pullback https://t.co/nXiLb0ZXv0
Earnings reflections on US consumer today: - $AMZN CFO Brian Olsavsky: "customers are trading down and looking for deals" - $SBUX CEO Narasimhan said "coffee chain customers are growing more cautious" - $MCD sees "roughly flat" comparable sales so far in 2Q, slowing down sharply https://t.co/S3fZG5oLDc
Starbucks lowers guidance, promises new drinks and deals after customer traffic fell in weak Q2 https://t.co/zyTwyKqnzq
Starbucks points to weaker consumer as profit falls https://t.co/5zDKGhYpI0
BREAKING: STARBUCKS DOWN ALMOST 10% AFTER BOYCOTT Thoughts? https://t.co/pKajLWq3t1
from Goldman: SBUX (-): Missed a very low bar. Expectations were for a clear sales miss and a modest EPS miss, but both came in nicely above a lowered bar. The miss was across geography and was as bad, if not worse, than worst fears. https://t.co/OKp6vw8b1y
Starbucks revises 2024 guidance, after badly missing its Q2 earnings estimates https://t.co/QcjEo5Mt67 by @BrookeDiPalma
What a dumpster fire 🔥 Starbucks $SBUX lowers FY24 revenue growth guidance to low single digits vs prior +7-10% Additional FY24 guidance revision details: -Global Comps growth low single digit decline to flat vs prior +4-6% and FactSet +3.6% -US Comps low single digit…
Consumer weakness has been "sharper and more accelerated than we expected" in the U.S., Starbucks says. Echoes McDonald's concerns from earlier in the day. $SBUX
$SBUX -12% after earnings, back to April 2019 levels. China big impact on sales, down 11%.
Starbucks expects same-store sales in the U.S. to be flat to low single digit declines this year. Revising lower its expectations for sales in China and global store growth. $SBUX
Starbucks' shares dropped 10% Tuesday in after-hours trading. https://t.co/EaFEvsYn8Z
Price increases gone too far: $SBUX misses on revs, eps, sss with US down 3% and global down 4%. Transactions most telling down 6%.
Starbucks Shares Plummet To 21-Month Low On Weak Sales https://t.co/y3PrKdRwwl https://t.co/JNV0VuQklO
⚠️BREAKING: *STARBUCKS PLUNGES 10% IN AFTER HOURS AFTER Q1 EARNINGS MISS AMID WEAK U.S., CHINA SALES $SBUX https://t.co/9ZkqV6GKBM
Starbucks reports surprise drop in quarterly sales as demand falls https://t.co/ZgDHeXemZX
Consumers weren’t kidding given what @Starbucks just reported “Pullback by consumers was widespread, w/overall transactions sinking 6% & retreating in each of company’s geographic segments. Consolidated net revenues fell 1.8% to $8.6B” Same store sales -4% v est -1.5% @business https://t.co/Ht0oGq4TRT
Starbucks transactions declined 6% this quarter 👀 Lowest levels since COVID $SBUX down 10% after hours https://t.co/EKyqFmbb4j
Starbucks’ stock sinks 8% following ‘highly challenged’ quarter https://t.co/61QL1zyR9U
$SBUX -9% after hours on an earnings miss
Starbucks posted its first sales decline in more than three years, as customers cut their spending despite half-off deals and new drinks added to the coffee chain’s menu. https://t.co/4c84GLNauX
And $SBUX out with a miss across every geographic region, including 11% drop in China Should have been obvious after the Luckin report this morning Down 6% and likely to open lower by the am https://t.co/bZs9dTtfsa
$SBUX yuck. Stock is trading at 52 week low in after hours. https://t.co/zDTNGtTgoE
$SBUX: EPS Miss by 12c Rev Miss ick
$SBUX: EPS Miss by 12c Rev Miss -- Rev $8.56B .. Exp $9.15B
Luckin Coffee reports Q1 same store sales down an incredible 20% from the escalation in the great China Coffee Wars of 2024... all odds point towards $SBUX completely whiffing on earnings tonight