HomeStock MarketStarbucks loses $11 Billion due to poor sales & boycotts

Starbucks loses $11 Billion due to poor sales & boycotts

Published on

spot_img
The Best Starbucks Drinks
  1. Starbucks Corporation experienced an $11 billion loss in market value, representing a 9.4% decline, over 19 days following its November 16 Red Cup Day promotion.
  2. Analysts attributed the stock drop to slowing sales and a subdued response to holiday offerings, amid global political tensions that led to boycotts after a tweet expressing solidarity with Palestinians by Starbucks Workers United.
  3. The company faced a record 12 consecutive stock market session declines, the longest streak since going public in 1992, with shares currently hovering around $95.80 per share from a yearly high of $115.
  4. The boycott’s impact was felt globally, with reports of Starbucks in Egypt cutting expenses and laying off workers due to financial strain resulting from the boycott’s effects.
SourceYourStory

Latest articles

Paytm users may take up to 6 months to shift to other service providers

Paytm is looking to migrate all existing customers to another payment service provider (PSP)...

Amazon Prepping Up For Budget-Friendly, Unbranded Fashion Route To Take On Meesho

Amazon has launched a new store called Bazaar on its platform, allowing sellers to...

Aakash Education post Rs 330 crore profit in FY23

Aakash Education, owned by BYJU’S, recorded a profit of INR 330 crore in FY23,...

AI Model Backed by Mukesh Ambani to Launch in March

A consortium backed by Mukesh Ambani’s Reliance Industries Ltd. and India’s top engineering schools...

More like this

Paytm users may take up to 6 months to shift to other service providers

Paytm is looking to migrate all existing customers to another payment service provider (PSP)...

Amazon Prepping Up For Budget-Friendly, Unbranded Fashion Route To Take On Meesho

Amazon has launched a new store called Bazaar on its platform, allowing sellers to...

Aakash Education post Rs 330 crore profit in FY23

Aakash Education, owned by BYJU’S, recorded a profit of INR 330 crore in FY23,...