On May 2nd, Red Star Capital Bureau reported that on May 1st local time, the stock price of Starbucks (SBUX. US) plummeted, dropping nearly 18% during trading. As of the close, it fell 15.88%, closing at $74.44, with a total market value of $84.281 billion. The market value evaporated by over $15.9 billion on the same day.
On the news front, Starbucks disclosed its performance for the second quarter of fiscal year 2024 (as of the end of March 2024), with a revenue of 8.563 billion US dollars, a year-on-year decrease of 1.8%; The net profit attributable to the parent company was 772 million US dollars, a year-on-year decrease of 15%.
From a specific business perspective, Starbucks' global same store sales decreased by 4% year-on-year. Among them, same store sales in the United States decreased by 3%, and same store sales in China decreased by 11%.
In response to this, Starbucks Global CEO Nasihan stated that the quarter's performance did not meet expectations. Meanwhile, Starbucks has lowered its expected annual revenue growth from 7% to 10% to lower single digits.