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7/28/2020, 12:59 PM (Source: TeleTrader)
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McDonald's EPS plunges 67% to $0.65 in Q2

McDonald's said on Tuesday its diluted earnings per share stood at $0.65 in the second quarter of 2020, dropping 67% from the same period a year ago and missing market estimates.

The fast-food giant's net income plummeted 68% year on year to $483.8 million, while revenue dropped 30% on an annual basis to $3.76 billion in the three-month period. Meanwhile, operating income plunged 58% to $961.1 million. The company added its global comparable sales fell 23.9% amid the coronavirus pandemic.

"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. We saw continued improvement in our results throughout the second quarter as markets reopened around the world," CEO Chris Kempczinski stated.

McDonald's shares slid 3.35% in premarket trading on worse-than-expected results.

Breaking the News / NP