Updated from April 21 with additional details from earnings call.

It appears even the mighty Starbucks (SBUX) - Get Report isn't immune to the challenging global economic conditions that are tripping up large U.S. consumer companies.

The Seattle-based coffee giant reported earnings of 39 cents a share after the close on Thursday for its second fiscal quarter adjusted for one-time items, matching the consensus forecast. Total revenue rose 9.4% year over year to $4.99 billion. Starbucks also reiterated its full year revenue growth outlook of 10%, but raised its earnings guidance to $1.88 to $1.89 a share from $1.87 to $1.88 a share previously.

Starbucks shares were down 5.6% in late morning trading on Friday in spite of another strong quarter of sales and profit growth. The harsh reaction by investors, who have bid up Starbucks shares by 23% in the past year vs. a 1% drop for the S&P 500, likely reflects the company seeing slowing sales growth around the world recently.

"Starbucks has no room for a same-store sales miss, even a marginal one -- sustainability (and consistency) of a high-single digit percentage same-store sales growth, 10% plus overall sales growth and 15% to 20% earnings per share growth algorithm is ultimately key [for the stock]," said Jack Mohr, research director of Action Alerts PLUS, which own Starbucks shares.

Starbucks reported that its same-store sales in the Americas rose 7% in the quarter, cooling from a 9% increase in the first quarter even as the company continued to introduce new food and beverage items and expand its digital mobile order and pay feature. Wall Street expected sales in the Americas to rise 7.4%.

Sales growth moderated for Starbucks during both the breakfast and lunch hours. Breakfast sandwich sales increased 30% during the quarter compared to a 34% growth rate in first fiscal quarter. Lunch sales rose 18% versus a 40% year over year increase in the first quarter.

Meantime, Starbucks' same-store sales in the China, Asia Pacific segment gained 3%, cooling from 5% growth in the first quarter, and below estimates for a 4.6% increase. Starbucks execs tried to alleviate concerns on a call with analysts about the impact of the slowing Chinese economy on the business. The number of transactions in China increased 5% in the quarter, and in tier one and tier two cities where Starbucks has 65% of its over 2,000 stores, transactions grew even faster.

In Europe, which has battled several terrorist attacks that have hurt travel, Starbucks' same-store sales increased 1% for the second straight quarter. Analysts expected a 3.4% sales rise.