Starbucks reported weaker-than-expected first-quarter earnings and revenue and lowered its fiscal 2024 sales outlook. The stock ticked up as some investors likely prepared for worse news, per analysts. Starbucks CEO Laxman Narasimhan attributes the company's underwhelming performance to conflicts in the Middle East affecting licensee sales, U.S. misconceptions about their position on the Israel-Hamas conflict, and a more reserved consumer base in China. Executives conveyed challenges will subside and new drinks are coming to attract occasional customers.