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Coffee company Keurig Green Mountain offered something of a mea culpa on Wednesday night, when its CEO admitted that the company had been wrong to build its second-generation coffee makers with tech that prevented users from brewing their own coffee independent of Keurig's licensing. Keurig Green Mountain stock is currently down 9 percent.
It turns out that lots of customers also found that attempt offensive and voted with their dollars. Although Keurig's total revenue was up 2 percent for the quarter, the company's sales of brewers and accessories were down 23 percent. While pod sales were up 14 percent, Keurig Chief Financial Officer Fran Rathke said that shipments of pods by volume were below the company's expectations due to a “somewhat higher than expected consumer price elasticity at retail.”