Somebody’s buying coffee:
Starbucks Profit Tops Expectations; Shares Soar

Starbucks posted quarterly earnings Tuesday that handily topped analysts’ estimates as the world’s biggest coffee chain began reaping rewards from slashing costs and closing stores, sending its shares higher in extended trading.

Net income for its fiscal third-quarter ended June 28 was $151.5 million, or 20 cents per share. A year earlier, Starbucks reported a net loss of $6.7 million, or 1 cent per share—its first quarterly net loss as a public company.

Excluding restructuring charges, Starbucks earned 24 cents a share in the latest quarter.