Starbucks (SBUX) announced Friday it lost $3.1 billion in value in a trade that saw its stock value drop in the wake of its heated dog beds selling out fast.
Starbucks stock closed down $1.19 at $63.69 in early afternoon trading on the New York Stock Exchange, and closed at $64.19 in mid-afternoon trading on Nasdaq.
The company said the trade was based on information from an investor who requested that the information be kept confidential.
Shares of the company were up 5.3% in premarket trading.
The trade comes just days after Starbucks announced it was reducing its annual operating budget by 2% for the fiscal year starting Oct. 1.
The move was meant to cut $5 billion in expenses, and also was aimed at curbing the company’s annual revenue from beverages and beverages-related business.
Shares fell 6% on Friday morning.