04:54 AM EDT, 05/01/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Starbucks ( SBUX ) shares sank more than 12% in premarket activity Wednesday after the company reported fiscal Q2 adjusted earnings and sales that missed the market's expectations.

The company reported fiscal Q2 non-GAAP earnings late Tuesday of $0.68 per share, down from $0.74 a year earlier.

Analysts polled by Capital IQ expected $0.80

Net revenue for the quarter ended March 31 was $8.56 billion, down from $8.72 billion a year earlier. Analysts surveyed by Capital IQ expected $9.16 billion.

Comparable-store sales during the quarter were down 4% worldwide, the company said. Analysts polled by Capital IQ expected 1% growth.

Price: 78.20, Change: -10.29, Percent Change: -12.63