McDonald's Q2 results fall short of expectations

29th Jul 2024 13:09

(Sharecast News) - Fast-food giant McDonald's posted quarterly revenue and earnings that fell short of expectations on Monday as customers continued to refrain from dining out in the three months ended 30 June.

McDonald's said revenues were up 2.01% to $6.49bn in the quarter, short of Wall Street expectations of $6.63bn, while the company's net income fell 12% to $2.0bn, or $2.80 on a per share basis, markedly different from the $3.07 per share profit expected by analysts.

Global same-store sales decreased by 1%, compared to expectations for a 0.84% increase. US same-store sales decreased 0.7%, the company's first US same-store sales decline since 2020, partly offset by price increases to its menu items. International franchised locations posted a 1.3% year-on-year drop.

As of 1410 BST, McDonald's shares were up 0.63% in pre-market trading at $253.59 each.

Reporting by Iain Gilbert at Sharecast.com