Starbucks' stock plummeted 5% in intraday trading on Thursday, following CEO Brian Niccol's address to employees urging them to return to the office and take responsibility for boosting the company's performance.
In his first speech since announcing widespread layoffs last month, Niccol asked Starbucks employees to "step it up" and get back to the office. The move comes as the coffee giant aims to improve its financial results and regain momentum in the competitive market.
Investors seem to have reacted negatively to Niccol's stern message, interpreting it as a sign of underlying challenges within the company. The stock's decline suggests concerns about potential disruptions and productivity issues if employees resist the call for increased office presence.
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