Mcdonald’s Q4 Earnings

McDonald’s ($MCD@US) reported fourth-quarter earnings that beat Wall Street estimates as traffic to its restaurants increased for the second consecutive quarter. The fast food chain’s earnings per share were $2.59 versus the $2.45 expected, and its revenue was $5.93 billion versus $6.68 billion. Inflation is driving customers to trade down from full-service restaurants to fast-food chains. The company also noted the success of its McRib promotion, which labeled the limited-time item’s annual return as its “farewell tour.” McDonald’s shares dropped 1 percent in premarket trading.