Home » McDonald’s Faces $7 Billion Loss in Boycott Over Support for Israel.

McDonald’s Faces $7 Billion Loss in Boycott Over Support for Israel.

by admin
0 comment

The boycott against McDonald’s, stemming from its alleged support for the Israeli Occupation Forces (IOF), has had a significant impact on the fast-food giant’s sales in the Arab region and the Islamic world.

McDonald’s Chief Financial Officer, Ian Borden, revealed that the boycott had swiftly led to financial losses of approximately $7 billion. The company’s shares experienced a sharp decline of over 3 percent during Wednesday’s trading session, marking one of its most substantial daily losses in five weeks.

By Thursday, McDonald’s stocks had plummeted by 3.37 percent, equivalent to $9.93, settling at $284.36. This staggering drop translated into a colossal loss of $6.87 billion for the renowned corporation.

Borden’s statements were made amidst ongoing conflicts in the Middle East and subdued demand in China, which were predicted to result in a decline in international sales for McDonald’s in the current quarter. He acknowledged that comparable sales in the first quarter within McDonald’s licensed international developmental markets were expected to be “slightly lower” than the preceding three months.

McDonald’s is not the only Western franchise facing backlash. Burger King, KFC, and Pizza Hut, along with brands like Coca-Cola, Pepsi, Puma, Starbucks, and Zara, have also been targeted. These companies are either known to openly support Israel or have financial ties with the country.

The boycott comes in the wake of Israel’s war on Gaza, which has resulted in the deaths of over 31,000 Palestinians, with a significant number of casualties among children and civilians. The conflict has also led to the forced displacement of over 80% of the Gaza population. Additionally, UN reports have highlighted that dozens of children are dying from starvation in Gaza due to Israel’s blockade, which is severely restricting aid access and pushing Palestinian populations into famine.

You may also like

Leave a Comment

Smart News is a news website that serves as your go-to source for the latest and most reliable updates on technology, telecom, business, sports, auto, education, real estate, and entertainment news in Pakistan. We are dedicated to providing you with comprehensive coverage across various sectors, ensuring you stay informed about all the happenings in the country.

Send Us