Starbucks profits beat estimates, shares dive on outlook

Starbucks reported better-than-expected quarterly earnings, however shares fell in extended trading after the company failed to lift its outlook.

Starbucks reported quarterly profits that topped expectations, but the company's outlook failed to impress investors. Business in China rebounded with spending increasing as most of the country's COVID-19 curbs have been scrapped.The logo of the coffee shop chain Starbucks is seen on a sign on top of a shop entrance.That helped add to a 7% increase in international sales, more than double the 2.94% increase of the average analyst's estimate, according to Refinitiv data.

While the China recovery was better than the company expected, growth in average weekly sales there will be at a more moderate pace in the second half, Chief Financial Officer Rachel Ruggeri said during an earnings call.Chief Executive Officer of Starbucks Laxman Narasimhan.

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