Starbucks Says It Lost $3 Billion In Revenue In Latest Quarter Due To Coronavirus Pandemic
From: cnbc.com
Starbucks expects to swing to a loss in its fiscal third quarter, predicting it lost as much as $3.2 billion in revenue due to the coronavirus pandemic.
Shares of the company fell more than 3% in early trading Wednesday. The stock, which has a market value of $92.6 billion, has fallen 10% this year.
Starbucks, which withdrew its prior outlook in April, is forecasting a net loss per share of 64 cents to 79 cents and adjusted losses per share of 55 cents to 70 cents for quarter ending June 28. But it expects that its fiscal fourth-quarter earnings will improve, predicting net income per share of 11 cents to 36 cents and adjusted earnings per share of 15 cents to 40 cents.
By the end of June, Starbucks expects weekly cash flow to be positive.
