On Wednesday, the 30th of October 2019, the Seattle, Washington-based multinational coffee company and coffeehouse chain operating in more than 30,000 locations worldwide, had beaten Wall Street estimates on sales and revenues, buoyed up by a revamp of expansion strategy in China, opening up of new stores, digital ordering alongside launch of cold brews in the United States.
According to the 48-year-old coffeemaker’s quarterly earnings’ report that released on Wednesday (October 30th), Starbucks Corp.’s net revenue surged more than 7 per cent to $6.75 billion from a year earlier, beating an average analysts’ estimate of $6.68 billion.
Meanwhile, following release of the world’s No. 1 coffee chain’s quarterly earnings’ report, its shares prices witnessed an abrupt upswing of roughly 3 per cent to $86.71 a share in extended trading after wrapping up the day almost flatlined at $84.19 per share.
Aside from that, the world’s largest coffeehouse chain operator, Starbucks Corp. had also raised its sales forecast for fiscal year 2020 between 3 per cent to 4 per cent, while analysts were expecting an uptick of 3.3 per cent, while addressing to the Seattle-based coffeemaker’s radical growth in digital orders in the Chinese market, Starbucks CEO Kevin Johnson said in a post-earnings’ call late on Wednesday (October 30th), “Chinese consumers are much more digitally savvy than any other market in the world. We do have two very different markets. ”