 "McDonald's falls as Q2 profit trails estimates")
McDonald's Corp fell the most in nine months after posting second-quarter profit and revenue that trailed analysts' estimates and saying economic weakness would hurt results for the remainder of the year.
McDonald's slid 2.7 per cent to $97.53 at 11:37 am in New York after falling 3.2 per cent for the biggest intra-day drop since October 19. The Oak Brook, Illinois-based company's shares had gained 14 per cent this year through July 19, while the Standard & Poor's 500 Restaurants Index rose 17 per cent.
Net income rose 3.7 per cent to $1.4 billion, or $1.38 a share, from $1.35 billion, or $1.32, a year earlier, the company said. Foreign currency exchange-rate fluctuations reduced profit by 2 cents a share in the quarter. Analysts estimated $1.40 a share, the average of 27 projections compiled by Bloomberg.
McDonald's slid 2.7 per cent to $97.53 at 11:37 am in New York after falling 3.2 per cent for the biggest intra-day drop since October 19. The Oak Brook, Illinois-based company's shares had gained 14 per cent this year through July 19, while the Standard & Poor's 500 Restaurants Index rose 17 per cent.
Net income rose 3.7 per cent to $1.4 billion, or $1.38 a share, from $1.35 billion, or $1.32, a year earlier, the company said. Foreign currency exchange-rate fluctuations reduced profit by 2 cents a share in the quarter. Analysts estimated $1.40 a share, the average of 27 projections compiled by Bloomberg.