Starbucks (SBUX) lost another $11.3 billion on the day.
The loss was the second-largest in company history.
The company announced Wednesday that it would reduce its workforce by a quarter, or 3,600 positions.
Starbucks’ earnings are up in the last quarter.
The news comes as the stock is up more than 13% in the past year.
The stock is trading at $26.20.
Starbucks announced Wednesday it will reduce its staff by a half and will lay off an additional 3,400 people in the coming year.
The company said that its total U.S. workforce will drop from 7,000 to 3,500 people, and that it will hire 1,000 more people in 2019 and 800 more people by 2020.
Starbucks expects its workforce to grow from 4,500 to 5,000 employees by 2021, and it expects its revenue to increase by more than 40%.
Starbuck’s stock fell after the announcement, but rose to $26 by 2:35 p.m.
StarHubs loss of 3,200 jobs is a loss of $11 billion over the past five years.
Starbucks will reduce the workforce by 1,400 positions and lay off 2,000 workers by 2021.
It also announced that it is cutting $1.5 billion in investments in the company’s U.K. stores and the U.A.E. and will reduce production of coffee and tea products.
Starbucks said it plans to close all of its U.KS. and U.AE. stores by the end of the year.
Starbucks has said that it plans on closing 1,100 U.KK shops by the middle of 2020.