Starbucks suspends annual forecast as new CEO prepares turnaround plan

23 October 2024, 12:00 am

1 min read

Starbucks cups are pictured on a counter in the Manhattan borough of New York City, New York, U.S., February 16, 2022. REUTERS/Carlo Allegri

Reuters was nearly two minutes ahead on the news that Starbucks had suspended its forecast through the next fiscal year as new CEO Brian Niccol looks to turn around the coffee giant struggling with falling demand for its pricey drinks. The news sent Starbucks’ shares down more than 7% in post-market trading.