The company topped Wall Street’s earnings estimates, but its quarterly revenue fell short of expectations.
Starbucks reported mixed quarterly results Tuesday even as it raised its full-year forecast for earnings and revenue.
While the company’s earnings topped Wall Street’s expectations, its revenue missed estimates, dragged down by slower recovery in some international markets.
Starbucks reported fiscal second-quarter net income of $659.4 million, or 56 cents per share, up from $328.4 million, or 28 cents per share, a year earlier. Excluding items, the coffee chain earned 62 cents per share, topping the 53 cents per share expected by analysts surveyed by Refinitiv.
Net salesrose 11% to $6.7 billion, missing expectations of $6.8 billion. Global same-store sales grew by 15% as the company lapped a decline of 10% from the year-ago period.
Shares of the company dropped nearly 2% in extended trading.