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Starbucks cuts 2020 adj. earnings growth forecast

Photo Credit: Yannick Bammert via Wikimedia Commons (File Photo)

By The Associated Press

Starbucks is lowering its 2020 adjusted earnings growth forecast, sending the coffee chain’s shares falling before the opening bell.

Starbucks Corp. said Wednesday during a presentation that it now foresees profit falling below the ongoing growth model of 10% or more. Its prior outlook was for at least 13% growth.

Shares dropped 3.5% to $93.40 in Wednesday premarket trading.

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