HomeIndustriesMcDonald’s Reports Mixed Q1 Results, Misses on Sales Estimates

McDonald’s Reports Mixed Q1 Results, Misses on Sales Estimates

Fast food enthusiasts haven’t been flocking to McDonald’s in the first quarter of 2024 in the manner the company expected. Sharing its quarterly result, McDonald’s revealed misses on sales estimates as well as revenue growth and earnings.

In the U.S., McDonald’s saw a 2.5% same-store sales growth compared to the 2.6% estimated, while the same-store sales growth on a global level came at 1.9% versus 2.33% expected by Wall Street analysts. For reference, the company saw 12.6% growth in same-store sales in the same period of 2023.

Additionally, the company’s revenue came at $6.17 billion, slightly higher than estimates of $6.15 billion, but adjusted earnings per share missed the mark at $2.70 per share as analysts expected $2.72.

“Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending, which is putting pressure on the [quick-service restaurant] industry,” said CEO Chris Kempczinski during the earnings call.

After the quarterly results were made public, McDonald’s shares slipped more than 3% compared to the closing price of $274.00 per share on Monday. The stock quickly corrected and was trending towards its highest mark in April at $276.41. The company’s shares are currently 7.11% down year-to-date.

Chemical Giant DuPont Will Split in 3 Companies, Replace CEO Ed Breen

Chemical giant DuPont is heading towards some major changes. The company announced on Wednesday that it will be splitting into three separate companies while...

Zoom Tops Estimates, Raises Full-Year Forecast

Zoom Video Communications reported its earnings for the first quarter of 2024 on Monday and topped the estimates of Wall Street analysts. The communications...

Reddit Stock Jumps on the Back of Open AI Partnership

Social media platform Reddit announced earlier this week that it is partnering up with artificial intelligence start-up Open AI to improve the experience of...