New York, January 27 (FinanceEnquiry.com) - While reporting a growth of 16 percent in its fiscal first-quarter revenue on Thursday, Starbucks Corp (NASDAQ: SBUX) said that it was the highest quarterly gain since 2007. The Seattle-based coffee company said that it has been spreading its wings across China and Morocco and upgrading its locations in the U.S. for attracting new customers. It has also started providing single-serve coffee and other new items at grocery stores. However, the company issued a modest forecast for the year that caused grave concern to investors.

Results for the quarter ended Jan. 1 indicated that its earnings went up 10 percent to $382.1 million, or 50 cents per share, up from $346.6 million or 45 cents per share in the same period last year. The company also reported that its revenue soared to $3.44 billion as a result of growth from all business quarters. Analysts had expected earnings of 49 cents per share on revenue of $3.29 billion. Starbucks added 241 new stores during the quarter taking the total number of stores that it operates to 17,244 globally.

The encouraging results of the first quarter also provided CEO Howard Schultz with a bonanza as he received compensation valued at $16 million along with a special retention award valued at $12 million. Starbucks also gave him stock options for another $40.8 million placing him in the $50 M-plus club.