McDonald's gains as quarterly profit beats estimates
MCD•Shares rise after earnings beat
Shares of burger giant McDonald's MCD.N were up about 2% at $269.70 in premarket trading after the company posted quarterly adjusted profit of $3.38 per share, beating analysts' estimates of $3.32, according to data compiled by LSEG.
Sales and revenue miss estimates
The company missed quarterly estimates for U.S. sales growth as budget-conscious consumers reduced restaurant spending amid persistent economic uncertainty and inflationary pressures.
McDonald's posted second-quarter revenue of $7.10 billion, missing analysts' estimates of $7.13 billion. Quarterly global same-store sales growth came in at 1.3%, missing estimates of 1.39%. U.S. same-store sales growth was 0.8% versus expectations for a 1.06% rise.
Leadership change in the U.S. market
McDonald's appointed insider Skye Anderson as president of McDonald's USA to lead its largest market.
As of the last close, MCD was down about 13% year to date.
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