McDonald’s loses $1.2 billion due to exit from Russia

The American company McDonald’s lost $1.2 billion as a result of leaving Russia, according to the company’s report for the second quarter of 2022, published today, Tuesday.

McDonald’s total second-quarter spending was $4.01 billion, boosted by a loss in Russia by 25% from the first quarter. Gross profit fell 3% to $5.72 billion despite expectations of $5.81 billion.

McDonald’s second-quarter earnings nearly halved to just $1.19 billion.

On March 14, shortly after the start of the special operation in Ukraine, McDonald’s suspended the work of all its 850 restaurants in Russia, and on May 16 announced its withdrawal from the Russian market. The company’s share in the Russian market reached 7%. McDonald’s, through the mediation of the Russian Ministry of Industry and Trade, sold the company to a Russian owner. And the businessman Alexander Govor became the new owner.

Source: TASS

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