Starbucks' stock soars 10% after earnings crush estimates as U.S. consumers opt for pricier drinks

Starbucks Corp.’s stock soared 10% Thursday to lead S&P 500 gainers and put it on track for its biggest one-day gain in more than a year, after the coffee store chain posted better-than-expected earnings for its fiscal fourth quarter.

Chief Executive Laxman Narasimhan said the company is not seeing a drop in demand for its food and beverages in the current environment. The company posted net income of $1.219 billion, or $1.06 a share, for the quarter to Oct. 1, up from $878.3 million, or 76 cents a share, in the year-earlier period. Adjusted per-share earnings also came to $1.06, ahead of the 97 cent FactSet consensus.Revenue rose 11% to $9.374 billion, also ahead of the $9.290 billion FactSet consensus. Global and North America same-store sales rose 8%, below the 8.2% FactSet consensus.

The company expects EPS and adjusted EPS to grow in the 15% to 20% range, while the FactSet consensus estimate is for growth of 14.6%.

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

CVS Health’s stock up after earnings beat, but company lowers full-year EPS guidanceCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Fonte: MarketWatch - 🏆 3. / 97 Consulte Mais informação »

Starbucks’ stock soars 7% after earnings crush estimatesCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Fonte: MarketWatch - 🏆 3. / 97 Consulte Mais informação »

Jim Cramer's top 10 things to watch in the stock market WednesdayFed day. No interest rate hike expected. Treasury accelerates size of bond auctions
Fonte: CNBC - 🏆 12. / 72 Consulte Mais informação »