McDonald’s Earnings Beat Wall Street Estimates, Helped by Price Hikes as US Foot Traffic Declined
McDonald’s on Wednesday reported quarterly earnings that topped analysts’ expectations as price hikes offset declining foot traffic in its U.S. restaurants.
Shares of the company, which has a market value of $161 billion, rose less than 1% in morning trading. The stock is up 15% over the last 12 months, as of Tuesday’s close.
McDonald’s fourth quarter was marked by an executive shakeup after its board fired CEO Steve Easterbrook in November for having a consensual relationship with an employee. Chris Kempczinski, who formerly led the company’s U.S. division, was tapped to replace him.