McDonald's posted its second quarter earnings report before opening bell this morning, posting earnings of $1.26 per share and revenue of $6.5 billion. Analysts had been expecting earnings of $1.23 per share on revenue of $6.4 billion. In the same quarter last year, the fast food chain posted earnings of $1.40 per share on sales of $7.18 billion.

Key metrics from McDonald's earnings

McDonald's reported significant negative currency impacts. Consolidated revenues declined 10% but grew 1% in constant currencies. Consolidated operating income fell 16% on a reported basis but 6% in constant currencies. Management said part of the reason for this was approximately $45 million worth of restructuring charges. Earnings per share declined 10% on a reported basis but 1% in constant currencies.

McDonald's sees mixed performance

u.s. comparable sales declined 2% as a result of lower guest traffic, which management said was because the featured products and promotions weren't well received by consumers amid tough competition. McDonald's plans to run some market tests on all-day breakfast and simplification of the menu.

Europe comparable sales increased 1.2% as weak performance in France partially offset strong performance in the U.K. and Germany. In the APMEA region, comparable sales declined 4.5%. Management cited problematic issues with consumer perception and negative performance throughout Asia, particularly China. The fast food chain did well in Australia, but it wasn't enough to fully offset the negative performance in Asia.

“We begin third quarter under a new structure supported by market-level focus, stronger accountability and an unwavering emphasis on the basic fundamentals of running great restaurants,” said McDonald's President and CEO Steve Easterbrook in a statement. “We are aligning our initiatives and resources behind longer-term strategic actions with the ability to drive meaningful improvements in our business.”