UPDATE: Bloomin' Brands Posts Downbeat Q2 Profit, Cuts Earnings Forecast

Shares of Bloomin' Brands (NASDAQ: BLMN) dipped more than 23% after the company reported a drop in its second-quarter profit and cut its earnings forecast for the year.Bloomin' now projects full-year adjusted earnings of $1.05 to $1.10 per share, versus its earlier outlook of $1.21 per share. It projects revenue of $4.4 billion to $4.45 billion, versus its earlier forecast of at least $4.4 billion. The Tampa, Florida-based company posted a quarterly profit of $26.4 million, or $0.21 per share, versus a year-ago profit of $74.9 million, or $0.58 per share. Excluding certain items, its earnings rose to $0.27 per share from $0.25 per share. Its revenue climbed 9% to $1.11 billion. However, analysts were expecting earnings of $0.29 per share on revenue of $1.09 billion. Same-store sales for company-owned core domestic concepts rose 0.6%, while traffic was flat. Its operating expenses rose to $1.05 billion versus around $951 million. Bloomin' projects Q3 operating expenses to be higher versus the year-ago period.Elizabeth Smith, CEO said, "While 2014 is challenging, we remain confident in our long term growth prospects and our portfolio's unique opportunities.”Bloomin' shares tumbled 23.22% to $15.21 at 11:30 a.m. ET.