“McDonald’s earnings, revenue miss estimates as consumer pullback worsens” [Jul 29 2024]
July 30, 2024
“Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $2.97 adjusted vs. $3.07 expected
- Revenue: $6.49 billion vs. $6.61 billion expected
The fast-food giant reported second-quarter net income of $2.02 billion, or $2.80 per share, down from $2.31 billion, or $3.15 per share, a year earlier. Excluding charges related to the future sale of its South Korean business and other items, McDonald’s earned $2.97 a share…”
https://www.cnbc.com/2024/07/29/mcdonalds-mcd-q2-2024-earnings.html
California laws are going to affect fast food stocks by a lot short to medium term. The market has to adjust to their minimum wadge price hikes. In my opinion investors should expect losses across all fast food chains — well at least the ones that exist in that state.