Starbucks meets 2Q profit forecasts

Markets Associated Press

Starbucks Corp. (SBUX) on Thursday reported fiscal second-quarter profit of $652.8 million.

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The Seattle-based company said it had net income of 45 cents per share.

The results matched Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was also for earnings of 45 cents per share.

The coffee chain posted revenue of $5.29 billion in the period, missing Street forecasts. Nine analysts surveyed by Zacks expected $5.42 billion.

Starbucks shares have increased 11 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 7 percent. In the final minutes of trading on Thursday, shares hit $61.44, a climb of 8 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on SBUX at https://www.zacks.com/ap/SBUX

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Keywords: Starbucks, Earnings Report, Priority Earnings