Starbucks (NASDAQ: SBUX) reported first-quarter 2021 financial results after the regular market hours on Tuesday. The coffee chain reported first-quarter revenue of $6.75 billion, down 5% year-over-year and lower than the Wall Street projection. Meanwhile, net income of $0.61 per share was higher than what analysts had anticipated.
SBUX shares fell 1% immediately following the announcement. The stock has gained 18% in the trailing 12 months.
“Our results demonstrate the continued strength and relevance of our brand, the effectiveness of the actions we’ve taken to adapt to changes in consumer behavior and the steadfast commitment of our green apron partners to serve our customers and communities,” CEO Kevin Johnson said in a statement.
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