Starbucks shares fell nearly 3% in premarket trading.
Starbucks Corp will raise menu prices in 2022 and reduce some spending to offset soaring costs for labor and goods, as rising COVID-19 cases prompted the coffee chain on Tuesday to lower estimates for profits this year.
The company missed estimates for quarterly profits and comparable sales as the fast-spreading Omicron variant also led to delayed office reopenings and new restrictions in China, the company's fastest growing market.
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