Starbucks’ stock soars 7% after earnings crush estimates

Starbucks Corp.’s stock SBUX, -0.96% soared 7% in premarket trade Thursday, after the coffee store chain posted better-than-expected earnings for its fiscal fourth quarter. The company had 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 same-store sales rose 8%. The company will provide guidance for fiscal 2024 on its earnings call. The stock has fallen 8% in the year to date, while the S&P 500 SPX, +1.05% has gained 10%.

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