News Formal

Starbucks’ stock soars 7% after earnings crush estimates

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

Ciara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.

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%.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in US

United States United States Latest News, United States United States Headlines

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

S&P Global upgrades Ford’s rating and restores it to investment gradeCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Source: MarketWatch - 🏆 3. / 97 Read more »

Amgen’s stock jumps premarket after earnings beat and company again raises guidanceCiara Linnane is MarketWatch's investing- and corporate-news editor. She is based in New York.
Source: MarketWatch - 🏆 3. / 97 Read more »