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.