:McDonald's Corp missed revenue and profit expectations on Thursday, as higher costs and dismal sales in its over 4,500 restaurants in Australia and China due to pandemic-led curbs ate into gains from growth in the United States in the fourth quarter.
Shares fell nearly 3per cent as sales in China contracted after some cities banned dining in restaurants to control fresh outbreaks ahead of the Winter Olympics. In Australia, sales growth remained muted compared to a year earlier. Sales rise in Italy, Germany, France, the U.S. and the U.K. boosted total revenue by 13per cent to $6.01 billion in the three months ended Dec. 31, but still the company missed market expectation of $6.03 billion, according to Refinitiv data.
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