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Starbucks profit rises, but misses expectations
Starbucks profit rises on higher sales, but falls short of Wall Street expectations.
By The Associated Press

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.

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