Here’s what to expect from McDonald’s earnings

Here’s what to expect from McDonald’s earnings

Customers sit at McDonald's outdoor seating in Union Square as the city moves into Phase 3 of re-opening following restrictions imposed to curb the coronavirus pandemic on July 7, 2020 in New York City.

Alexi Rosenfeld | Getty Images

McDonald's on Tuesday reported its quarterly revenue was slashed by nearly a third as coronavirus lockdown measures outside the U.S. weighed on sales for its French fries and cheeseburgers.

While recovery in the U.S. has been comparably stronger, recent surges in Covid-19 cases have forced some states and cities to reimplement restrictions aimed at controlling the spread of the virus. As a result, McDonald's didn't offer up any forecast for its future performance. 

Shares of the company fell more than 2% in premarket trading.

"Our strong drive-thru presence and the investments we've made in delivery and digital over the past few years have served us well through these uncertain times," CEO Chris Kempczinski said in a statement. "We saw continued improvement in our results throughout the second quarter as markets reopened around the world."

Still, McDonald's said that it expects to accelerate U.S. restaurant closures this year and permanently shutter about 200 locations. More than half of those are lower sales volume locations inside Walmart stores. The company is