SEATTLE (AP) _ Starbucks Corp. (SBUX) on Tuesday reported fiscal second-quarter net income of $328.4 million.
The Seattle-based company said it had net income of 28 cents per share. Earnings, adjusted for non-recurring costs, were 32 cents per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The coffee chain posted revenue of $6 billion in the period, also exceeding Street forecasts. Eight analysts surveyed by Zacks expected $5.74 billion.
Starbucks shares have declined 10% since the beginning of the year, while the Standard & Poor’s 500 index has declined 11%. In the final minutes of trading on Tuesday, shares hit $78.76, an increase of 2% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SBUX at https://www.zacks.com/ap/SBUX
The Associated Press