Starbucks drops after slashing its full-year revenue forecast

Starbucks is down 3.7% at $56.32 a share on Friday morning after announcing first-quarter results.

Results were mostly in line with Wall Street estimates, with the exception of the company’s forecast for 2017 revenue growth of 8% to 10%, down from its previous estimate of a double-digit rise, Reuters reports. The company also said that visits to its stores in the US were down.

Starbucks is struggling to deal with the amount of mobile orders coming through its stores, which is slowing down service and alienating customers. Transactions, a measure of customer traffic, dropped 2% in the most recent quarter, according to the company.

Starbucks is also facing pressure from declining traffic to shopping malls and restaurants, as customer shopping habits change and people increasingly choose to eat at home.

Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!

NOW WATCH: Here’s how to use one of the many apps to buy and trade bitcoin

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.