Starbucks Corp. spooked investors late Tuesday, detailing how a trifecta of fewer people at its stores, cautious consumers and fiercer competition for a morning joe hit its quarterly revenue, and sank the stock more than 9% in the after-hours session.

Shares fell more than 8% in after-hours trading Tuesday. Chain executives said Tuesday that they are working to speed up service during the morning hours to better meet customer demand, including for orders placed ahead of time on its app.

Laxman Narasimhan’s honeymoon phase is over. The chief executive officer of Starbucks Corp., who officially took over the coffee behemoth just over a year ago, on Tuesday cut annual guidance for a third straight quarter after the company’s worst performance since the pandemic.