Why Starbucks Stock Turned Bitter on Wednesday
(NASDAQ: SBUX) investors are having their worst day in more than four years. Shares of the coffee chain slumped as much as 17.4% Wednesday, marking the stock's worst decline since early 2020. As of 1:07 p.m. ET, shares were still down roughly 17.4%.
The catalyst that sent the coffee purveyor sharply lower was disappointing quarterly results, which caused the company to slash its full-year guidance.
For the company's fiscal 2024 second quarter (ended March 31), Starbucks reported revenue that declined 2% year over year to $8.6 billion. The bad news continued to the bottom line, with adjusted earnings per share (EPS) of $0.68, a decline of 14%.
Source Fool.com
Starbucks Corp. Stock
€84.14
3.030%
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