Starbucks reported its Q2 results after the closing bell on Thursday, with earnings and revenue topping analyst estimates. Earnings were $0.40 per share on revenue of $3.20 billion while analysts were looking for $0.39 on $3.18 billion.
Shares traded lower after Starbucks announced the results as its guidance disappointed investors. Management sees earnings of $0.45-0.46 per share in Q3 while analysts had forecast $0.46 many remain concerned about rising commodity costs.
The quarter was a busy one for Starbucks, as the coffee giant looks to differentiate itself from competitors by expanding its focus on single-cup coffee machines and offering beer and wine at some Pacific Northwest locations. Additionally, it unveiled a lighter blend of coffee, the blonde roast, as it looks to gain market share from Dunkin’ Donuts (DNKN) and McDonald’s (MCD).
Starbucks (SBUX : NASDAQ : US$60.66), Net Change: 1.16, % Change: 1.95%, Volume: 14,046,301