Starbucks Corp ( SBUX ) reported second-quarter financial results after market close on Tuesday. Here’s a rundown of the report and a look at why shares are cooling off after hours.

Q2 Earnings: Starbucks ( SBUX ) reported second-quarter revenue of $8.76 billion, missing analyst estimates of $8.86 billion, according to Benzinga Pro. The coffee giant reported second-quarter adjusted earnings of 41 cents per share, missing analyst estimates of 50 cents per share.

Consolidated net revenue was up 2% on a year-over-year basis. Global comparable store sales declined 1%, driven by a 2% decline in comparable transactions, partially offset by a 1% increase in average ticket. Comparable store sales fell 1% in North America and 2% internationally. The company said comparable store sales in China were flat in the quarter.

Starbucks ( SBUX ) opened 213 net new stores in the second quarter and ended the period with 40,789 total locations. The company ended the quarter with $2.67 billion in cash and cash equivalents.

“My optimism has turned into confidence that our ‘Back to Starbucks’ plan is the right strategy to turn the business around and to unlock opportunities ahead,” said Brian Niccol, chairman and CEO of Starbucks ( SBUX ).

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Starbucks ( SBUX ) suspended its guidance for fiscal year 2025 at the end of last year due to the company’s “CEO transition coupled with the current state of the business.” Niccol took over as CEO in September.

“Improving transaction comp in a tough consumer environment at our scale is a testament to the power of our brand and partners getting ‘Back to Starbucks.’ We are on track and if anything, I see more opportunity than I imagined,” Niccol said.

Starbucks’ board declared a cash dividend of 61 cents per share, payable on May 30 to shareholders of record as of May 16.

The top- and bottom-line miss appears to be dragging shares lower after hours.

Starbucks ( SBUX ) executives will further discuss highlights from the second quarter on a conference call with investors and analysts at 5 p.m. ET.

SBUX Price Action: Starbucks ( SBUX ) shares were down 1.24% in the after-hours session, trading at $83.80 at the time of publication Tuesday, per Benzinga Pro data.

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