Shares in McDonald's Corp (NYSE:MCD, ETR:MDO) held firm in premarket trading despite the food giant reporting disappointing second-quarter earnings, with revenue, earnings, and same-store sales missing Wall Street expectations.
The company's revenue for the quarter was $6.49 billion, up around 2% from the previous year but below the $6.63 billion estimate.
Adjusted earnings were $2.97 per share, short of the $3.07 consensus. Global same-store sales fell by 1%, against expectations of a 0.84% increase.
CEO Chris Kempczinski noted that consumers are becoming more selective with their spending.
To address this, McDonald’s is emphasizing value and growth areas like chicken and loyalty programs. It has also extended its $5 meal deal through August.
Ahead of the bell, the stock was up $1.60 at $253.60,