CHICAGO (AP) _ McDonald’s Corp. (MCD) on Thursday reported first-quarter net income of $1.11 billion.
The Chicago-based company said it had profit of $1.47 per share.
The results did not meet Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.59 per share.
The world’s biggest hamburger chain posted revenue of $4.71 billion in the period, topping Street forecasts. Eleven analysts surveyed by Zacks expected $4.7 billion.
McDonald’s shares have dropped 4% since the beginning of the year, while the Standard & Poor’s 500 index has dropped 9%. The stock has declined roughly 4% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MCD at https://www.zacks.com/ap/MCD
The Associated Press