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Starbucks (SBUX) said Thursday that it earned 43 cents per share for the quarter ended July 1, a number that fell two cents short of forecasts.
Revenue rose 13% to $3.3 billion, yet failed to match predictions.
The disappointing results, coupled with a warning from the firm's management about the current quarter, sent shares down by more than 10% after the opening bell Friday.
Starbuck's now expects to earn 44 to 45 cents per share in the fourth quarter, and $2.04 to $2.14 per share for the full year, with global economic conditions attributing to the lower expectations.
ITZ suggested entering SBUX on May 10th 2012 with a 1/2 position @ $54.50. LINK
Lets give SBUX some time here to see how things play out before adding to long term position.