Shares of the world's largest restaurant chain by revenue fell 2 percent and down
1.83 to $89.76 in pre-market trading on Tuesday following the company's announcement of failing third quarter revenues, operating income and earnings per share.
McDonald's global comparable sales also dropped 3.3 percent, reportedly caused by low customer traffic in all major segments coupled with the haunting meat supplier problems in Asia.
"By all measures, our performance fell short of our expectations," according to CEO Don Thompson in a statement in USA Today.
"McDonald's third quarter results reflect a significant decline versus a year ago, with our business and financial performance pressured by a variety of factors," Thompson stated.
Thompson stressed that the third quarter decline in sales was worse compared to the same period in 2013, and was caused by several factors including higher taxes and "unusual events" in Europe and Asia as well as "under performance" in markets in the United States.
McDonald's reported a decrease in profits from $1.52 billion ($1.52 per share) last year to $1.07 billion ($1.09 per share) this year, a "worse-than-expected" fall of 30 percent.
Furthermore, McDonald's have previously stated its "worst monthly sales results in over a decade" back in August.
The fast food chain was reported to have not been able to introduce new products and also failed to create marketing strategies that appeal to Millenials.
A recent attack on the quality of the products saying that the meat has "pink slime" also hurt the chain's sales significantly.
In a response, Thompson said "We must demonstrate to our customers and the entire McDonald's system that we understand the problems we face and are taking decisive action to fundamentally change the way we approach our business."
Thompson admitted that the store has lost its touch with today's customers and failed to improve its menu. Majority of the customers were reportedly choosing menus with healthier and wider selections like Chipotle and Panera.
Chipotle bested fast-food rivals according to the Standard & Poor's 500 Restaurants Index this year, reporting a 19.8 increase in comparable restaurant sales and a 23 percent advance in the stock market-the biggest gain in the S&P 500 Restarurants Index, according to Bloomberg.
