DEE-ANN DURBIN AP Business Writer
It was a happy holiday at Starbucks, but the company's sales momentum could start to slow due to the coronavirus outbreak in China.
New drinks like the Pumpkin Cream Cold Brew were a hit with customers, helping the Seattle-based coffee giant beat Wall Street's forecasts in the October-December period. Starbucks reaffirmed its 2020 profit guidance for now, but said it has already closed more than half of its stores in China.
Starbucks reported Tuesday that its earnings rose 16% to $886 million in its fiscal first quarter. Earnings, adjusted for non-recurring items like restructuring charges, were 79 cents per share. That beat Wall Street's forecast of 76 cents.
Starbucks said same-store sales — or sales at stores open at least 13 months — jumped 5% worldwide in the October-December period, ahead of analysts' forecast of 4.4%. Revenue was up 7% to $7.1 billion, in line with analysts' forecasts.
Starbucks said 1.4 million U.S. customers joined its Starbucks Rewards loyalty program during the quarter. The company said demand for mobile ordering and payment is growing in the U.S.
The maker of Enfamil announced a recall of about 145,000 cans of infant formula due to the possibility of cross-contamination with a bacteria that can cause serious illness or death.
The first generation iPhone is selling for $63,000 in an online auction.
Facebook parent Meta is reportedly in talks with Tencent to sell its VR headset in China, according to The Wall Street Journal.
The U.S. Environmental Protection Agency ordered Norfolk Southern on Tuesday to pay for the cleanup of the East Palestine, Ohio train wreck and chemical release.
Gene Goldman, chief investment officer with Cetera, joined Cheddar News to discuss Tuesday's market drop after recent rallies.
Vicki Gunvalson, president & founder of Coto Insurance & Financial Services and Debt.com spokesperson on personal loans, joined Cheddar News to provide some tips on what to know about personal loans.
James Straggas, CEO and founder of K9wear, joined Cheddar News to discuss the interchangeable dog harness brand's new partnership and the impact it will have on company operations.
A study shows that most companies want to keep a four-day work week.
Walmart reported fourth-quarter earnings that topped estimates but gave a gloomy outlook for its full year.
Microsoft has struck a deal with Nintendo to make 'Call of Duty' available across its platforms.
