The company has struggled amid competition from the likes of Apple (AAPL - Get Report) and Samsung. Chief Executive Office Stephen Elop attributed plunging sales of mobile phones in the first quarter to competition. He said the company expects Asha devices and competitive pricing will help attract more customers.
Green Mountain Coffee Roasters (GMCR - Get Report) expanded its partnership with Starbucks (SBUX - Get Report) for at least the next five years.
Per the agreement, Starbucks will continue making coffee and tea K-cups for use in Keurig single-serve brewing machines, while also adding new brands like Seattle's Best Coffee and Teavana teas. It's been producing Starbucks and Tazo K-cups since the companies' partnership began in 2011. The companies said they plan to expand global marketing of the products as well.
The announcement puts to rest speculation that Starbucks would end the partnership after introducing the Verismo, its own single-serve brewer that competes with Keurig machines.Green Mountain reported stronger-than-expected first-quarter earnings on Wednesday. The company said it earned 93 cents per share for the quarter, beating analysts' estimates of 73 cents. The company said its single-serve business experienced 16% growth in the quarter.
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