Consumer
Starbucks CEO Says Faster Service, Boba Drinks Can Fix Chain
- Coffee giant’s third straight guidance cut shows deep struggle
- Analysts speculate that the brand’s appeal is starting to wane
Laxman Narasimhan
Photographer: Guillermo Gutierrez/BloombergThis article is for subscribers only.
Laxman Narasimhan’s honeymoon phase is over.
The Starbucks Corp. chief executive officer, just over a year in the job, saw shares dive by as much as 18% on Tuesday after the company cut guidance for a third straight quarter and posted the first sales decline since late 2020. The stock dropped the most intraday in nearly a decade.