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Starbucks (SBUX) surprised investors after the market close on Tuesday by releasing its preliminary fourth quarter results. The preliminary adjusted earnings of $0.80 per share was well short of the $1.03 Bloomberg consensus estimate. Net revenue of $9.1 billion also missed expectations of $9.36 billion. Same-store sales were down 7% versus the expectation of down 3.48%. US same-store sales were down 6% compared to the expected 2.8% decline. China sales were also down more than expected. The coffee giant also suspended its fiscal 2025 guidance.

Yahoo Finance Senior Reporter Brooke DiPalma breaks down the announcement in the video above.

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This post was written by Stephanie Mikulich.