McDonald's profit slips on foreign exchange rates; revenue misses forecasts

This Oct. 17, 2011 photo, shows the McDonald's logo on a McDonald's drive through window, in Springfield, Ill. THE CANADIAN PRESS/AP, Seth Perlman

NEW YORK, N.Y. - McDonald's Corp. says net income slipped 4 per cent in the second quarter as a result of unfavourable foreign currency exchange rates. Revenue fell short of Wall Street expectations as the fast-food chain cited a slowing global economy.

The world's biggest hamburger chain says it earned $1.35 billion, or $1.32 per share, in the period ended June 30. That compares with $1.4 billion, or $1.35 per share, in the year-ago period.

Total revenue for the quarter was $6.92 billion, up from $6.91 billion a year ago.

Analysts polled by FactSet on average expected $1.38 per share on revenue of $6.94 billion.

The company has more than 33,000 stores around the world and is often seen as a bellwether for the industry.

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