Starbucks (SBUX) released its Q2 2023 results on Tuesday after the close. While the coffee giant delivered revenue and earnings beats, its “disappointing outlook” sent investors scurrying for the exits. As a result, its shares fell by more than 9% in Wednesday trading.
The disappointing outlook in the opening paragraph concerns investor expectations leading up to the report. Analysts felt the company would easily beat Wall Street’s estimates for the quarter, thus raising its guidance for the rest of the year. So instead, Starbucks reiterated its existing outlook.
