Starbucks Down 12% In Pre-market On Cutting Outlook

(RTTNews) - Shares of Starbucks Corporation (SBUX) were down more than 12 percent in pre-market on Wednesday to $77.17 after the company cut its full-year outlook. Starbucks also reported lower profit for the second quarter.

The company now expects full-year revenue to grow in low single digits, compared with the previous outlook of 7 percent to 10 percent growth.

Earnings for the second quarter declined to $772.4 million, or $0.68 per share from $908.3 million, or $0.79 per share, in last year's second quarter.

Excluding items, Starbucks reported earnings of $0.68 per share for the period, that miss the average estimate of analysts polled by Thomson-Reuters of $0.79 per share.

The company's revenue for the quarter fell 1.8% to $8.563 billion from $8.72 billion last year.

Starbucks shares had closed at $88.49, up 0.18 percent on Tuesday. The stock has been trading in the range of $84.29 - $109.72 in the last 1 year.