Starbucks Beats Earnings Estimates, Posts Record Revenue. The Stock Surges.

Starbucks Starbucks stock surged ahead of the open of trading Thursday after the coffee chain posted stronger fiscal fourth-quarter sales and earnings than expected.

The company reported earnings of $1.06 a share on record revenue of $9.4 billion. Analysts polled by FactSet were predicting earnings of 97 cents a share and sales at $9.29 billion. Global same-store sales jumped 8%, driven by a 4% rise in the average customer check and a 3% rise in transactions. Starbucks said it will reveal fiscal year 2024 financial targets during its conference call at 7 a.m. Eastern time.

Shares of Starbucks were 7.3% higher ahead of the opening bell. The stock has fallen 8% this year as of Wednesday’s close.Write to Sabrina Escobar at sabrina.escobar@barrons.com

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

AGCO Stock Is Rising. Earnings Crushed Estimates.Farm-equipment maker AGCO saw 'robust demand' as third-quarter numbers beat estimates. It also raised guidance.
Source: MarketWatch - 🏆 3. / 97 Read more »

Fresh Del Monte’s stock slides premarket after earnings fall short of estimatesCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Source: MarketWatch - 🏆 3. / 97 Read more »

CVS Earnings Top Estimates but Stock Drops as Outlook Is Slashed AgainCVS revises lower its guidance range for diluted GAAP earnings per share for the third straight quarter.
Source: MarketWatch - 🏆 3. / 97 Read more »

Wingstop’s stock pops 7% after earnings beat estimates by a wide marginCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Source: MarketWatch - 🏆 3. / 97 Read more »

Airbnb Earnings Top Estimates, But Stock Slips on Light GuidanceAirbnb posted revenue of $3.4 billion, up 18% from a year ago.
Source: MarketWatch - 🏆 3. / 97 Read more »