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Michelle fleury has more. americans love of lattes and iced coffee helped starbucks through the worst of the post pandemic years. but with high inflation in the us, a cup of coffee is now $5 on average. the big question for investors going into this earnings season was would consumers still spend money on elaborate coffees? the answer was mixed. sales in north america grew 7%, even after the chain raised prices. that figure was below wall street s forecast. customer traffic only increased by 1%. most of the gains came from existing customers spending more money. sales in china, its second biggest market, rose sharply. same store sales increased a whopping 46% from a year ago. starbucks remains a favorite brand among chinese consumers. the company benefiting from a rebound after strict ....
Rating from aaa to aa plus. fitch cited expected fiscal deterioration over the next three years, as well as growing government debt burden. now, the downgrade also follows a debt ceiling agreement injune that saw months of political brinkmanship. credit ratings like these are used by investors to assess the risk profile of companies and government, us treasury and us government governments, rather. now, the us treasury secretary, janet yellen, said that she disagreed with fitch s move and said it was based on outdated data. the white house has also said that the move defies reality and that they strongly disagree with the decision. now cafe giant starbucks has unveiled quarterly earnings that beat expectations. the world s largest coffee chain reported revenue of $9.2 billion. that s a jump of 12% from a year ago. the earnings were helped by a consumer recovery in china and a return to office in the united states. ....
Covid 19 restrictions were lifted. but the coffee chain said that wage increases and investment in its cafes dragged down its overall profits. starbucks ceo laxman narasimhan, who took over from predecessor howard schultz in march, hailed the progress the company was making. he still faces lots of challenges, though, including the company s response to union organizing. meanwhile, ride hailing firm uber reported a surprise profit of almost $400 million for the second quarter after a $2 billion loss compared to a year ago. now, this is uber s first ever quarterly operating profit. the results were boosted by gains in uber s equity investments. revenue rose 14%, but missed analysts forecasts slightly. oil giant bp saw its second quarter profits slumped 70% from a year ago, coming in at $2.6 billion and missing forecasts. this is a read line defining margins, rather, and oil trading income has fallen. heat waves have hit the united states, europe and asia, prompting warnings from experts ....