McDonald's beat analysts' quarterly earnings and revenue estimates Thursday, but a key sales metric fell short of forecasts as the fast food giant continues its effort to turn around its business.
Customers paid fewer visits to the Golden Arches, dragging global comps lower by 0.7 percent. This was wider than the 0.4 percent drop Wall Street was expecting for the quarter, according to Consensus Metrix.
The company's second-quarter earnings fell to $1.26 per share from $1.40 a share in the year-earlier period. Revenue dropped to $6.50 billion from $7.18 billion a year ago.
McDonald's stock initially traded lower in premarket trade before turning positive. (Click here to track the fast food restaurant giant's shares.)