Starbucks (NASDAQ:SBUX) earnings for the coffee company’s fiscal third quarter of 2020 have SBUX stock up after-hours Tuesday. That’s thanks to its adjusted losses per share of 46 cents beating out Wall Street’s estimate of -59 cents. Its revenue of $4.22 billion also comes in above analysts’ estimates of $4.06 billion.
Now, let’s take a look at what else went right for Starbucks in its most recent earnings report.
- Adjusted per-share losses are down from adjusted EPS of 78 cents during the same time last year.
- Revenue for the quarter is sitting 38.1% lower than the $6.82 billion reported in fiscal Q3 2019.
- Operating loss of $703.9 million is a negative switch year-over-year from an operating income of $1.12 billion.
- The Starbucks earnings report also includes a net loss of $678.4 million.
- That’s a significant drop from the company’s net income of $1.37 billion in the same period of the year prior.
Kevin Johnson, president and CEO of Starbucks, provides the following update in the earnings report.
“We are pleased to share that the vast majority of Starbucks stores around the world have reopened and our global business is steadily recovering, demonstrating the relevance of the Starbucks brand and the trust we have built with our customers.”
Starbucks provides a guidance update in its current earnings report. It now expects adjusted EPS for the fiscal year of 2020 to range from 83 cents to 98 cents. Wall Street is looking for adjusted EPS of 88 cents during the year.
SBUX stock was up 2.4% after-hours Tuesday and ended normal trading down 2.4%.
As of this writing, William White did not hold a position in any of the aforementioned securities.
