Why Starbucks Stock Fell Today
Shares of Starbucks (NASDAQ: SBUX) sank on Friday after the coffeehouse leader's sales and profits failed to meet investors' expectations. As of 1:35 p.m. ET, Starbucks' stock price was down more than 3%.
Starbucks' revenue rose 8% year over year to $8.7 billion in its fiscal 2023 first quarter ended Jan. 1. That was slightly below Wall Street's estimates, which had called for sales of nearly $8.8 billion.
Widespread coronavirus outbreaks across China weighed heavily on the restaurant company's results. Starbucks' comparable-store sales in China plunged 29%.
Source Fool.com
