McDonald's Surpasses Earnings and Revenue Estimates

Benzinga 2023-07-27

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McDonald's reported earnings and revenue that exceeded analysts' expectations, driven by a rebound in China sales and successful marketing efforts in the United States. The company's net income was $2.31 billion, or $3.15 per share, up from $1.19 billion, or $1.60 per share, compared to the previous year. Adjusted earnings per share were $3.17, surpassing the expected $2.79, and revenue reached $6.5 billion, beating the estimated $6.27 billion. Restaurant visits increased for the fourth consecutive quarter, partly driven by successful marketing, such as the Grimace Birthday Meal, which gained popularity on social media. McDonald's international developmental licensed markets saw a 14% growth in same-store sales, primarily due to increased demand in China following the recovery from prolonged Covid lockdowns.

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