SEATTLE (AP) — Starbucks Corp. is reporting fiscal first-quarter earnings of $2.25 billion, but its revenue missed expectations and its shares fell.
The Seattle-based company said it had a profit of $1.57 per share. Earnings, adjusted for non-recurring gains, came to 65 cents per share. The results surpassed Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.
The coffee chain posted revenue of $6.07 billion in the period, which fell short of Street forecasts. Nine analysts surveyed by Zacks expected $6.14 billion.
Starbucks shares had increased 5.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 6 percent. After the results were released, its shares fell 3.7 percent to $58.31.
The company expects full-year earnings in the range of $2.48 to $2.53 per share.