Stock Alert: Starbucks Drops 4% As Co. Sees Fall In Income, Revenue

(RTTNews) - Shares of Starbucks Corporation (SBUX) are falling more than 4% Wednesday morning after the company said it is expecting its operating income to drop by approximately $2.2 billion in the current quarter. It also expects approximately $3 billion to $3.2 billion decline in third-quarter revenue due to Covid-19 pandemic.

The coffee house chain also expects its operating income to drop by approximately $2.2 billion in the current quarter.

Further, the company plans to close about 400 company-owned stores over the next 18 months and cut the new store openings in the year 2020 to 300 compared to its previous view of 600.

SBUX is currently trading at $78.66. It has traded in the range of $50.02- $99.72 in the last 52 weeks.