McDonald's shares drop 1.51 percent on second quarter earnings report

by   CIJ Linguistics
2020-07-28   15:56
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McDonald's Corp reported disappointing second-quarter earnings figures which provoked a 1.51 percent drop in the company's share price. Hit hard by store closings around the world, the company reported just $483.8 million in net income, down sharply from the $1.52 billion in made during the same period last year. Revenues fell from $5.41 billion to a shocking $3.76 billion. Although the quarter to quarter numbers suggested improvement, the company's guest count is depressed and breakfast sales were especially badRoughly 2,000 restaurants across the United States reopened during the second quarter but could offer only reduced capacity. McDonald's included its $200 million in franchisee support investments in its figures. But for some forward thinking by the company to diversify its delivery options, it could have been even worse. "Our strong drive-thru presence and the investments we've made in delivery and digital over the past few years have served us well through these uncertain times," said CEO Chris Kempczinski.