Update: Starbucks to Absorb Charge on Failed Investment in Living.com

Updated from 4:07 p.m.

Starbucks(SBUX Quote), the ubiquitous coffee retailer, served investors some disappointing news Wednesday, announcing that it would absorb a $20.6 million charge against earnings to offset its failed investment in the furniture Web site Living.com.

Starbucks said the charge would trim earnings in the fourth quarter by 7 cents a share, but excluding the write-off, the Seattle-based company still expects to meet earnings estimates of 22 cents a share for the fourth quarter and 71 cents a share for the year. The charge, moreover, will not affect the company's bottom line in the following year, the company said.

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