Starbucks (SBUX) reported Q1 FY 2021 earnings of $0.61 per share (versus $0.79 per share in Q1 FY 2020), beating analysts’ consensus estimate of $0.55 per share.

The company’s quarterly revenues amounted to $6.749 bln (-4.9% y/y), missing analysts’ consensus estimate of $6.920 bln.

The company also issued downside guidance for Q2 FY 2021, projecting EPS of $0.45-0.50 versus analysts’ consensus estimate of $0.59, but reaffirmed guidance for FY 2021, projecting EPS of $2.70-2.90 versus analysts’ consensus estimate of $2.82 and revenues of $28-29 bln versus analysts’ consensus estimate of $28.49 bln.

SBUX fell to $102.19 (-2.39%) in pre-market trading.