An employee hands a bag to a customer at the drive-thru of a Starbucks coffee shop in Hercules, California, on Thursday, July 28, 2022.
David Paul Morris | Bloomberg | Getty Images
Starbucks on Tuesday reported better-than-expected quarterly earnings and revenue, despite lockdowns in China weighing on its performance.
Shares of the company rose more than 1% in extended trading.
Here’s what the company reported for the quarter ended July 3 compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: 84 cents adjusted vs. 75 cents expected
- Revenue: $8.15 billion vs. $8.11 billion expected
The coffee giant reported fiscal third-quarter net income attributable to Starbucks of $912.9 million, or 79 cents per share, down from $1.15 billion, or 97 cents per share, a year earlier. The company said that inflation and higher wages for baristas weighed…