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Starbucks profit rises on higher sales, but falls short of Wall Street expectations.
NEW YORK (AP) ¯¯¯ Starbucks Corp. says its net income rose 19 percent in its fiscal third quarter, but the results fell short of Wall Street expectations and shares slumped 9 percent.
The Seattle-based coffee giant said global revenue at cafes open at least a year rose 6 percent, driven by growth in China and Asia, while the region encompassing Europe, the Middle East and Africa was flat. The figure rose 7 percent in the Americas.
For the three months ended July 1, the company said it earned $333.1 million, or 43 cents per share. That's compared with $279.1 million, or 36 cents per share, a year ago.
Total revenue rose 13 percent to $3.3 billion.
Analysts on average expected a profit of 45 cents per share on revenue of $3.34 billion.