Industrial conglomerate 3M on July 28 said its second-quarter revenue fell 12.2% year-on-year to $7.2 billion because of disruptions related to the Covid-19 pandemic. Operating profit, excluding one-off items, fell 17.3% to $1.4 billion.
McDonald’s on the same day reported $3.8 billion in quarterly sales from restaurants it owns or franchises, a 30% year-on-year decline. Operating profit fell 58% to $961 million. Earnings at the 130 companies in the S&P 500 Index that had reported results by July 27 declined 37% on average compared with the same period a year earlier, according to Refinitiv. Their revenue fell by 7.5%.
ReutersBiz johnsfoley wfh baseline in USA seems to be mid 2021 at this point. mcd business model does not work in a world where employees have flexibility in their life. Price point is too low for ubereats so expect near term revenue to not benefit from socialdistancing.
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