USA: McDonald’s reports 11% drop in profits, warns on job cuts
US fastfood chain McDonald's has reported lower earnings for the seventh time in eight quarters. The company's third-quarter profits dropped 11% to US$486.7m from $545.5m a year earlier. Third-quarter revenues rose 4% from $3.88bn to $4.05bn. The company said it plans to open 600 hamburger restaurants worldwide next year, compared with the 1,300 it plans to have opened this year, and the high of 2,000 restaurants it opened in 1996.
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