Starbucks Corp ( SBUX ) shares are trading lower Wednesday following worse-than-expected earnings result for the second quarter. Multiple analysts lowered price targets on the stock following the print.

What To Know: Starbucks ( SBUX ) reported second-quarter revenue of $8.6 billion, which missed the consensus estimate of $9.129 billion, according to Benzinga Pro. The company’s top-line results were down 2% year-over-year.

Starbucks ( SBUX ) reported quarterly earnings of 68 cents per share, which missed analyst estimates of 79 cents per share.

Comparable store sales declined 4% globally, driven by a 6% decline in comparable transactions, partially offset by a 2% increase in average ticket. Comps fell 3% in North America, 11% in China and 6% internationally during the quarter. 

Active U.S. rewards memberships reached 32.8 million in the first quarter, up 6% on a year-over-year basis. The company opened 364 net new stores in the second quarter and ended the period with 38,951 total locations.

"In a highly challenged environment, this quarter's results do not reflect the power of our brand, our capabilities or the opportunities ahead," said Laxman Narasimhan, CEO of Starbucks ( SBUX ).

"It did not meet our expectations, but we understand the specific challenges and opportunities immediately in front of us. We have a clear plan to execute and the entire organization is mobilized around it."

On the conference call following the print, Starbucks ( SBUX ) said the company continued to feel impacts from more cautious consumers in the U.S. and noted that the deteriorating economic outlook has weighed on customer traffic. China is also still seeing effects of a slower-than-expected recovery, the company added.

Related Link: Starbucks Reports Downbeat Earnings, Joins Skyworks Solutions, Super Micro Computer And Other Big Stocks Moving Lower

Analyst Changes:

Deutsche Bank analyst Brian Mullan downgraded Starbucks ( SBUX ) from Buy to Hold and lowered the price target from $108 to $89.

TD Cowen analyst Andrew Charles maintained Starbucks ( SBUX ) with a Hold and lowered the price target from $100 to $85.

Wedbush analyst Nick Setyan maintained Starbucks ( SBUX ) with a Neutral and lowered the price target from $92 to $81.

BTIG analyst Peter Saleh maintained Starbucks ( SBUX ) with a Buy and lowered the price target from $115 to $100.

SBUX Price Action: Starbucks ( SBUX ) shares were down 13.3% at $76.75 at the time of publication, according to Benzinga Pro.