Earnings Results: Starbucks stock sinks as new CEO sticks with predecessor’s forecast despite earnings beat

by | May 2, 2023 | Stock Market

Starbucks Corp. shares declined 5.4% in after-hours trading Tuesday as the coffee chain’s new chief executive stuck with his predecessor’s annual forecast despite reporting an earnings beat. Starbucks SBUX reported second-quarter results that beat expectations, helped by a surprise same-store sales gain in China, continued solid demand in the U.S. and higher prices. Net income rose to $908.3 million, or 79 cents a share, from $674.5 million, or 58 cents a share, in the same quarter last year. Adjusted for restructuring costs…

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