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Starbucks Shares Surge on Earnings Beat

Shares of Starbucks (SBUX) rose in after-hours trading Thursday after the coffee giant posted better-than-expected results and updated guidance for the year.

The stock rose $5.94, or 6.5%, to $96.92 in after-hours trading.

Starbucks reported adjusted earnings of 78 cents a share on revenue of $6.82 billion for its latest quarter. Analysts surveyed by FactSet had expected the company to post earnings of 72 cents a share on revenue of $6.7 billion.

In the same period a year ago, the company posted earnings of 62 cents a share on sales of $6.3 billion.

The coffee giant said it now expects same-store sales to rise 4% for the year, near the high end of its previous guidance. Non-GAAP earnings per share are expected to be $2.80 to $2.82, above previous projections of $2.75 to $2.79.