MILAN — Starbucks shares tumbled Wednesday after the company revised downwards its earnings projection for 2020. Starbucks Corp. shares were down 0.5% in active early afternoon trading, after paring earlier losses of as much as 3.9%. The coffee chain’s stock was up 50% so far this year, as of Tuesday’s close.
In a presentation to Goldman Sachs’ Global Retaining Conference, the Seattle-based coffee behemoth said it expected adjusted earnings per share in its 2020 fiscal year, which begins Oct. 1, to be below its “ongoing growth model of 10%.” Its prior outlook was for 13% growth.
Wall Street had been anticipating 10.6% earnings growth in the 2020 fiscal year.
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