Headline: "Starbucks Suspends Annual Outlook Amidst Corporate Transition"

Starbucks Corp (NASDAQ:SBUX) announced on Tuesday that it has withdrawn its annual financial forecast. This decision comes as Brian Niccol assumes the role of CEO and focuses on revitalizing the company amid declining customer interest. Following the announcement, Starbucks shares fell by approximately 6% in after-hours trading. The company also anticipates a decline in sales and earnings for the quarter.

Brian Niccol took over leadership from Laxman Narasimhan on September 9 during a challenging period for Starbucks. The company is experiencing difficulties, particularly in its two largest markets, the U.S. and China.

Starbucks CFO Rachel Ruggeri expressed concerns regarding recent trends. "Despite our increased investments, we have not been able to reverse the downward trend in customer traffic, which has pressured both our top and bottom lines," she said. Ruggeri also noted that while plans to address these issues are underway, the expected recovery will take time.