Starbucks CEO Brian Niccol plans to"fundamentally change" the coffee chain's strategy after the company reported weak earnings.Microsoft and Meta reported mixed quarterly results even as both companies beat analysts' expectations on earnings.Stock futures were lower on Thursday as Wall Street digests a mixed week of major earnings and inflation data reports. Futures tied to the, will report earnings on Thursday.
. Net sales for the company fell 3% to $9.07 billion as demand weakened in the U.S. and China, including a 10% drop in traffic to U.S. stores. Niccol said a key goal for Starbucks is to hand deliver a customer's drink in under four minutes. Other changes Niccol announced include getting rid ofannualized rate, below the 3.1% expected by analysts surveyed by Dow Jones and the 3.0% jump during the second quarter. Consumer spending accounted for nearly two-thirds of the total and increased by 3.
CEO who manages $2 billion in assets: The No. 1 most important thing you can do to increase your earning power over your careerfor fiscal second-quarter revenue to between $68.1 billion and $69.1 billion, below the $69.83 billion analysts surveyed by LSEG expected. The company's stock slipped more than 3% following the report. Meta raised its guidanceNishad Singh, former director of engineering at FTX, arrives at court in New York, Oct. 16, 2023.
Former FTX executive Nishad Singh received no jail time but was given three years of supervised release on Wednesday for his role in one of the largest financial frauds in history. He is the fourth ex-employee of the company to be sentenced.
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