The coffee chain on Tuesday reported an earnings loss of $0.58 per share during the quarter ended June 28, largely due to the negative impacts of the pandemic. Starbucks (SBUX)‘ revenue declined 38% from the same period in the prior year to $4.2 billion.
Still, the company’s earnings were nearly in line with what Wall Street had expected, so the company’s stock jumped more than 2.5% in after-hours trading Tuesday.
