Shares of McDonald’s Rise Following Upbeat Q2 Earnings Results
Jul, 25th 13:01
Shares of McDonald’s Corp. jumped nearly 3 percent in premarket trading on Tuesday after the fast-food giant released its second-quarter earnings report that showed results beat forecast.
McDonald’s shares added 2.55% to trade at $155.74 per share after the Illinois-based company reported a better-than-expected increase in quarterly sales at established U.S. restaurants.
The fast food restaurant chain posted net income of $1.40 billion, or $1.70 per share, up from $1.09 billion, or $1.25 per share, for the same period last year. Revenue for the quarter was reported to reach $6.05 billion, down from $6.27 billion last year. However, both figures topped market’s expectations.
Global same-store sales rose 6.6%, the biggest increase in more than 5 years. Meanwhile, U.S. same-store sales (sales at U.S. restaurants open at least 13 months) rose 3.9%, beating forecast calling for a rise of 2.9%, according to FactSet.
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