Share prices of McDonald's (NYSE: MCD) were climbing higher despite the company missing analyst estimates when it reported its second-quarter results earlier this week. Customers have begun to push back on higher prices, which led the company to extend its $5 Meal Deal Promotion.

Let's look at the fast-food chain's most recent results, its long-term prospects, and why competitors generally fare worse when the company becomes more promotional.

For Q2, McDonald's produced revenue of $6.5 billion, unchanged from a year ago. That fell short of the $6.6 billion analyst consensus. Same-store sales declined by 1%. That was below the 0.4% growth that analysts were expecting, and the first time the company had seen negative same-store sales since late 2020.

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Source Fool.com