McDonald's India operator misses profit estimates as competition bites
The restaurant operator posted a consolidated profit after tax of 12.3 million rupees ($142,303) for the first quarter ended June 30, compared with a profit after tax of 32.5 million rupees a year ago.
Analysts had expected 50.8 million rupees of profit, according to data compiled by LSEG.
($1 = 86.4350 Indian rupees)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
43 minutes ago
- Reuters
IBM results beat estimates on AI mainframe refresh, consulting revival
July 23 (Reuters) - IBM (IBM.N), opens new tab beat Wall Street estimates for second-quarter revenue and profit on Wednesday, helped by renewed sales in its mainframe business as artificial intelligence upgrades spurred demand for the systems, which are capable of processing vast amounts of data. Clients have focused on investing in AI infrastructure expansion as macroeconomic uncertainty and ongoing trade negotiations prompt businesses to prioritize spending on the booming technology. Shares of the company fell 4% in extended trading, after a nearly 30% rise this year. "All of us are still operating in a very dynamic macroeconomic environment," finance chief Jim Kavanaugh told Reuters. Sales of IBM's latest mainframe — powered by chips specialized for AI applications — kicked off in June, boosting second-quarter revenue following a three-year cycle for the system's previous version. The Big Blue reported revenue of $16.98 billion for the June quarter, up nearly 8% from last year and beating the analysts' average estimate of $16.59 billion, according to data compiled by LSEG. The infrastructure segment, which houses its mainframe, reported revenue of $4.14 billion, beating estimates of $3.81 billion. IBM did not provide a forecast for the third quarter, after it broke tradition in April and issued a one-off quarterly outlook to give investors more clarity at a time when U.S. President Donald Trump's global tariffs were first going into effect. "That quarterly guidance was really driven by the unprecedented volatility of the foreign exchange markets and what we were dealing with 90 days ago," Kavanaugh said. "What is different over the past 90 days — the FX world is kind of stabilized ... so we reverted back to our standard practice." Sales in the consulting business also grew 3% in the quarter to $5.31 billion, ending five consecutive quarters of revenue declines. Businesses are increasingly turning to IBM's consulting business as they seek expertise on integrating AI products and conducting operations in a rapidly evolving economic environment. Its "AI book of business," which combines bookings and actual sales across various products, grew to $7.5 billion, up $1.5 billion from the previous quarter. Second-quarter adjusted earnings of $2.80 per share also beat estimates.
BreakingNews.ie
2 hours ago
- BreakingNews.ie
Liverpool complete signing of striker Hugo Ekitike from Eintracht Frankfurt
Liverpool have completed the signing of striker Hugo Ekitike from Eintracht Frankfurt. A deal was reached between the two clubs on Monday for the 23-year-old to join Arne Slot's Premier League champions, which the PA news agency understands to be for a guaranteed £69million plus a potential £10million in add-ons. Advertisement The striker, who scored 22 goals for Frankfurt in all competitions last season, flew to England on Tuesday to undergo a medical ahead of the deal's completion and will now travel to Asia to join his new Liverpool team-mates on their pre-season tour. PA understands Newcastle and Manchester United had been interested in Ekitike, whose capture continues Liverpool's summer spending spree. Florian Wirtz arrived from Bayer Leverkusen in an initial £100m deal that could rise to £116m, while Jeremie Frimpong also joined from the German club in a £29.5m switch and Milos Kerkez left Bournemouth for £40m. Giorgi Mamardashvili has also linked up with Liverpool after agreeing a move from Valencia last August, along with fellow goalkeepers Armin Pecsi and Freddie Woodman. Advertisement
Reuters
2 hours ago
- Reuters
Takeaways of US-Japan deal include potential gains for Trump, Ishiba and EU
July 23 (Reuters) - An emerging U.S.-Japanese trade deal could unlock major investment, avert a potential shock to the global economy and may deliver political wins for both U.S. President Donald Trump and Japanese Prime Minister Shigeru Ishiba, though many specifics of the agreement remain unclear. Here's a closer look at the early takeaways: * The deal stabilizes the global trade outlook by imposing a 15% tariff on Japanese goods — down from a threatened 25% — while Japan commits to investing $550 billion in the U.S. economy, a boost to U.S. jobs. It almost certainly averts a worst-case scenario for the Japanese economy. Moreover, if it signals that the balance of U.S. tariff rates are likely to settle in that range, Jefferies Chief Economist and Strategist for Europe Mohit Kumar said: "the world can live with 15% or so tariffs." * Trump gains some political capital ahead of November 2026 midterm elections by reinforcing his 'America First' trade stance and potentially bolstering his influence with industrial and agricultural constituencies while avoiding the market instability that loomed under earlier tariff threats. Still, not every U.S. constituency was happy with the announcement. The decision has angered the Detroit Three automakers, who still face a 25% levy on significant segments of their non-U.S. produced vehicles. * For Ishiba, the deal is a diplomatic and economic win amid domestic political turbulence. Just days earlier, Japan's ruling coalition lost its majority in upper house elections. * Analysts say the deal could serve as a benchmark for other economies negotiating with Washington, including the EU and China, both facing August tariff deadlines. * American exporters could gain broader access to Japan's markets, especially in autos and agriculture — sectors vital to U.S. economic growth. * Global financial markets are rallying led by automakers. Stocks of major Japanese firms surged following the announcement, and capital inflows are expected to continue as investors seek exposure to Japan's innovation-led growth. * Despite the investment commitments, the deal may not significantly reduce the U.S. trade deficit with Japan in the short term. Critics argue that without stronger enforcement mechanisms or structural reforms, the imbalance could persist. * A 15% tariff, though lower than the threatened 25%, still represents a significantly higher import tax for consumer goods, especially for cars and electronics, which are heavily imported to the U.S. from Japan. Yale Budget Lab last week estimated the overall average U.S. tariff rate under Trump's policy shifts has climbed to around 20% from between 2% and 3% prior to his return to the White House in January.
