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McDonald's profit falls 7% to $1.8 billion in first quarter
Fast food chain McDonald's revealed today that it recorded a profit of 1,929 million dollars (around 1,800 million euros) in the first quarter of 2024, 7% more than the same period the previous year.
© Reuters
Economia McDonald's
The company, based in Oak Brook, in the US state of Illinois, posted a net income per share of $2.66, up from $2.45 in the first quarter of 2023, when it recorded a profit of $1.802 billion.
In the first three months of this year, turnover stood at $6.169 billion, up 5% year-on-year (5.898 billion dollars).
McDonald's results sparked mixed feelings among analysts, who were expecting earnings per share of $2.72 and revenues of $6.16 billion by March.
In the first three months of this year, the company's profits were harmed, in part, by boycotts by pro-Palestinian groups that accused the multinational of being pro-Israeli, which hurt its sales in the Middle East.
These accusations began when the franchise owner in Israel, Alonyal Ltd, announced, shortly after the start of the war in Gaza, that it would feed Israeli soldiers and all those on the front lines for free.
The well-known hamburger brand has long been among the companies targeted by the pro-Palestinian BDS (Boycott, Divestment, Sanctions) movement.
The company also justified the financial results with its customers' low spending on its products.
However, McDonald's CEO Chris Kempczinski said: "as consumers become more discerning about every dollar they spend, we will continue to earn their visits by delivering unbeatable everyday value and exceptional execution in our restaurants".
The results were not well received by investors and, at the opening of Wall Street, the company's shares fell 1.7%.
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