RTTNews | Oct 29, 2021 10:25AM EDT

10:25 Friday, October 29, 2021 (RTTNews.com) - Shares of Starbucks Corporation (SBUX) are down more than 7% in the morning trade on Friday.

While the company reported better-than-expected earnings in the fourth quarter, revenue missed the Street estimates.

Very recently, the company also announced its decision to hike hourly minimum wage of its employees to $15 by next summer. Workers with two or more years of service will get 5% raise while those with five or more years could get up to 10% hike, the company stated.

Earnings in the fourth quarter increased to $1.76 billion or $1.49 per share from $0.39 billion or $0.33 per share a year ago.

Excluding items, earnings were $1 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.99 per share.

SBUX, currently at $104.98 has traded in the range of $85.45- $126.32 in the last 52 weeks.

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