Starbucks on Tuesday suspended its outlook for fiscal 2022 as Covid lockdowns in China weighed on international sales.
Still, strong demand in the U.S. offset sharp declines from China, helping the company’s quarterly revenue top Wall Street’s estimates.
Shares rose 5% on the report in extended trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 59 cents adjusted, meeting expectations
- Revenue: $7.64 billion vs. $7.6 billion expected
The coffee giant reported fiscal second-quarter net income attributable to Starbucks of $674.5 million, or 58 cents per share, up from $659.4 million, or 56 cents…