StarbucksKevin Johnson, CEO of the coffee chain, defended its plans to hike wages for baristas at least twiceThe company hopes to increase its market share next year.

The plan is not being trusted by investors, which led to shares falling 7% on Friday morning trading. The company will be closing its doors Thursday afternoon. reported its fiscal fourth-quarter earnings and shared its fiscal 2022 outlookThis forecast contained a lower-than expected outlook for its full-year earnings. Starbucks anticipates that its GAAP earnings per Share will shrink by 4% while adjusted earnings per Share will rise by at minimum 10%. That is lower than Wall Street’s forecast of 15% growth.

Stifel downgraded shares Friday, citing inflationary forces and investments like pay rises. Starbucks on Wednesday announced its plan to increase wages. Starbucks announced that its minimum wage will rise to $15 per hour by summer 2022. The average hourly pay for employees is $17, up from $14 currently.

Johnson stated that it was better to make this investment right now, as customer mobility increases and because we think it is the best strategic decision to make. Johnson spoke on CNBC. “Squawk on the Street.”

The coffee chain is looking to increase its market share, as customers leave the house for their morning coffee. Restaurants like Domino’s PizzaAnd McDonald’sTo cope with the shortage of staff, we had to reduce our hours and close down dining areas to make room for more sales. This put us under pressure.

Johnson stated that gaining market share would allow Johnson to raise the company’s operating income.

Starbucks’ shares fell 2% on Friday, bringing it to $124 billion in market value.