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    British fintech firm Wise posts 55% jump in profit on expanding market share

    British digital payments firm Wise said that its first-half profit totalled £217.3 million in the first-half period, up 55% from £140.6 million in the same period a year ago.
    Revenues at the money transfer platform climbed 19% year-over-year for the period, to £591.9 million, Wise reported Wednesday.

    The Wise logo displayed on a smartphone screen.
    Pavlo Gonchar | SOPA Images | LightRocket via Getty Images

    Wise posted a 55% jump in profit in the first half of its 2025 fiscal year Wednesday, citing customer growth and expanding market share.
    The British digital payments firm said that its first-half profit totalled £217.3 million, up from £140.6 million in the same period a year ago.

    That came on the back of a 25% increase in active customers, with Wise reporting a total of 11.4 million consumer and business clients.
    Revenues at the money transfer platform climbed 19% year-on-year for the period to £591.9 million, Wise reported Wednesday.
    Shares of Wise surged as much as 8% shortly after the London market opened Wednesday, adding to gains from Tuesday on a partnership with Standard Chartered to power the bank’s cross-border payments offering for retail customers.
    The stock was last up almost 5.5% as of 10 a.m. London time.

    “I continue to be bullish on Wise at these levels,” Gautam Pillai, head of fintech research at investment bank Peel Hunt, told CNBC by email.

    “While management lowered consensus expectations during full year results in June citing increased investments, I believe they have over provisioned the cost base as they have done in the past.”
    Pillai added that Wise’s increased direct connections to global payment systems and lower foreign exchange costs have helped it lower its cost of goods sold and, ultimately, to increase its margins. 
    Earlier this year, Wise issued a sales warning that sent shares of the U.K. online payments firm down as much as 21%.
    Back in June, Wise said it was expecting underlying year-over-year income growth of 15-20% for its fiscal 2025, much lower than the 31% growth clip it achieved in the 12 months ending in March 2024.
    The softer guidance came off the back of a series of price reductions.
    Last month, Wise reported a 17% increase in underlying income for the second quarter of 2024.
    The firm also said it was on track to achieve an underlying profit before tax (PBT) margin of 13% to 16% in the medium term — reiterating previous guidance from June — and wouldn’t have to make “further material investments in reduced pricing” in the second half.

    On Wednesday, Wise said that its underlying PBT margin for the first-half period was 22%, above its target range of 13% to 16%.
    However, the firm added that investments it’s made in reducing pricing will take that margin down to a level close to that target range for the second half of its 2025 fiscal year.
    Last week, Wise’s billionaire CEO and co-founder Kristo Käärmann was fined £350,000 fine by the U.K.’s Financial Conduct Authority for failing to report an issue with his tax filings. More

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    China’s central bank affirms supportive monetary policy stance at closely watched meeting

    The head of China’s central bank told a closely watched meeting Tuesday that the People’s Bank of China planned to maintain supportive monetary policy, state media said.
    The PBOC head added the central bank plans to “increase the intensity of counter-cyclical monetary policy,” state media said in Chinese, translated by CNBC.
    He was presenting a report on financial work at this week’s meeting of the National People’s Congress Standing Committee.

    Pan Gongsheng, governor of the People’s Bank of China, delivers a speech during the 2024 Lujiazui Forum on June 19, 2024 in Shanghai, China.
    Vcg | Visual China Group | Getty Images

    BEIJING — The head of the People’s Bank of China said in a closely watched meeting Tuesday that the central bank planned to maintain supportive monetary policy, according to state media.
    PBOC Governor Pan Gongsheng added that the central bank intended to “increase the intensity of counter-cyclical monetary policy,” state media said in Chinese, translated by CNBC. Counter-cyclical policies refer to measures intended to address short-term economic developments. Pan has used similar language in recent months.

    He was presenting a report on financial work at this week’s meeting of the National People’s Congress Standing Committee. The gathering, which wraps up Friday, is widely expected to approve further fiscal stimulus.
    Finance Minister Lan Fo’an addressed the committee Monday about a plan to increase the local government debt limit in order to replace hidden debt, state media said. Lan on Tuesday also presented a report on managing state-owned assets, according to state media.
    The PBOC in late September started cutting several of its interest rates in a bid to shore up slowing growth. The moves followed the U.S. Federal Reserve’s shift into an easing cycle with a large 50 basis-point cut in mid-September. The Fed is expected to lower rates again when its two-day meeting ends Thursday local time. More

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    10-year Treasury yield rises with all eyes on the U.S. election

    A specialist trader works inside a post on the floor at the New York Stock Exchange on Oct. 23, 2024.
    Brendan McDermid | Reuters

    Treasury yields rose in early trading Tuesday evening as investors awaited results from the tight presidential race between Vice President Kamala Harris and former President Donald Trump.
    The 10-year Treasury yield traded 7 basis points higher at 4.6%. The yield on the 2-year Treasury was also up by 6 basis points to 4.27%. One basis point is equivalent to 0.01%. Yields and prices have an inverted relationship.

    Bond yields could see a big pop in the event of a Trump win, and they could surge in a Republican sweep, where the party captures control of Congress and the White House. That is because Republicans may introduce tax cuts and steep tariffs, moves that could widen the fiscal deficit and reignite inflation.
    “If there’s a Republican sweep of House, Senate and the presidency, I expect the bond market to be wobbly,” Jeremy Siegel, finance professor at the Wharton School of the University of Pennsylvania, said on CNBC’s “Squawk Box” on Tuesday. “I expect them to be worried that Trump would enact all those tax cuts, and I think bond yields would rise.”
    Neither Trump nor Harris really promised fiscal discipline on the campaign trail, raising worries that investors will demand higher yields in exchange for holding Treasuries as the government is forced to issue more and more debt to fund its ballooning spending.
    The yield can be expected to approach 4.5% in the event of a Trump win, or fall toward 4% under a Harris victory, according to Stephanie Roth, chief economist at Wolfe Research.
    A Harris administration with a divided Congress may prompt bond yields to retreat.

    “I think a split Congress, whoever wins the presidency, is probably the favorite for the markets, so that neither candidate can get his or her full plan pushed through,” Siegel said.
    The benchmark 10-year Treasury yield surged 50 basis points in October, marking the biggest monthly increase since September 2022.
    On Thursday, the Federal Reserve will make its next decision on interest rates and is widely expected to slash rates by a quarter point. More

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    Trump Media loses $19.2 million in third quarter, surprise Election Day filing reveals

    Trump Media experienced a flurry of trading activity Tuesday as a possible proxy for Donald Trump’s presidency chances.
    The Truth Social parent lost $19.2 million in its third quarter.
    Trump Media reported about $2.6 million in revenue and a net loss of $363 million for the first nine months of 2024.

    Republican presidential nominee and former U.S. President Donald Trump speaks at a campaign town hall meeting in Lancaster, Pennsylvania, on Oct. 20, 2024.
    Brian Snyder | Reuters

    Trump Media, which experienced a flurry of trading activity Tuesday as a possible proxy for Donald Trump’s presidency chances, revealed after the closing bell Tuesday a loss for the third quarter along with a slight drop in already-meager revenue.
    The Truth Social parent lost $19.2 million during the period. Revenue fell 5.6% to just $1.01 million from the year-earlier period. The filing was not telegraphed to investors beforehand and came as a surprise to traders not expecting it on Election Day, the very day the former president and Trump Media majority owner squares off against Vice President Kamala Harris.

    Shares rose more than 6% in after-hours trading following the filing. Earlier in the day, the stock gave up an 18.6% surge to close 1.2% lower. The shares could move in the after hours or on Wednesday depending on the election results.
    Trump Media, which trades under the ticker DJT, has seen volatile trading lately. Over the past week, it is down more than 34%. However, it is still up 93% year to date.
    Volume for the stock more than doubled its average 30-day volume.
    Trump Media also reported about $2.6 million in revenue and a net loss of $363 million for the first nine months of 2024. On top of that, the company boasted that it ended the third quarter with $673 million in cash and investments, along with no debt.
    “This has been an extraordinary quarter for the Company,” CEO Devin Nunes said in a statement. Trump Media is continuing to “explore additional possibilities for growth.”
    — Additional reporting by CNBC’s Kevin Breuninger

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    Trump says he will give RFK Jr. a major health role if he wins the White House. Here’s what that means for patients, drugmakers

    Donald Trump has said he will give Robert F. Kennedy Jr., a notorious vaccine skeptic and conspiracy theorist, a major health role if he wins the presidency.
    Some health experts said elevating Kennedy, even in an informal Trump administration role, could potentially lead to severe consequences for patients, drugmakers and the nation’s public health overall. 
    Experts said that could potentially look like lower vaccination rates, increases in preventable disease and greater distrust in federal health agencies.

    Republican presidential nominee, former U.S. President Donald Trump welcomes Robert F. Kennedy Jr. to the stage at a Turning Point Action campaign rally at the Gas South Arena on October 23, 2024 in Duluth, Georgia. 
    Anna Moneymaker | Getty Images News | Getty Images

    Donald Trump has made one clear promise about who could help take up the government’s health reins if he wins the presidency: notorious vaccine skeptic and conspiracy theorist Robert F. Kennedy Jr. 
    The former president said last week that Kennedy, who ended his own independent White House campaign earlier this year and endorsed Trump, will have a “big role” in health care in his administration. Last month, Trump said he would let Kennedy “go wild” on health, food and drug regulation.

    Follow: Election 2024 live updates: Trump and Harris await Presidential election results

    It’s unclear what exactly Kennedy’s role would look like, but the possibility is already raising alarm bells in the broader health community. Some health experts said elevating Kennedy, even in an informal Trump administration position, could potentially lead to severe consequences for patients, drugmakers and the nation’s public health overall. 
    “I think it would be a world turned upside down,” Dr. Paul Offit, a vaccine expert at Children’s Hospital of Philadelphia who has been an open critic of Kennedy, told CNBC. “Things would not be grounded in scientific truth, just grounded in whatever he or his acolytes believe. It would be a free-for-all. It would be uncertainty and instability. It would be chaos.” 
    He said “chaos” could potentially look like lower vaccination rates, increases in preventable disease and greater distrust in federal health agencies, such as the Food and Drug Administration and the Centers for Disease Control and Prevention. 
    That could exacerbate the nation’s existing public health challenges, such as declining childhood vaccination rates for several preventable diseases, some experts say. The U.S. also has the lowest life expectancy at birth, the highest rate of people with multiple chronic diseases, and the highest maternal and infant death rate among other high-income nations, according to a 2023 report by the Commonwealth Fund, an independent research group. 
    Kennedy, who does not have any medical or scientific credentials, believes drug companies and the federal health agencies that regulate them are making Americans less healthy. He has suggested that some vaccines should be taken off the market — a stance that Trump did not rule out Monday. 

    The former environmental lawyer may also bring uncertainty to the pharmaceutical industry, which relies on federal health agencies to greenlight new products, keep old ones on the market, and, in some cases, fund research and development. It will likely be difficult for Kennedy to change the drug approval process, but experts said he could gain a new platform to politicize certain treatments he opposes and tout others that aren’t proven to be safe and effective.
    Top leadership roles, such as the FDA commissioner, require confirmation by the Senate, which some experts noted could pose a hurdle for Kennedy. But Kennedy has met with Trump transition officials and could take a broad White House “health czar” position that would not need Senate confirmation, The Washington Post reported Saturday. 
    Regardless of what the position looks like, Kennedy will likely gain a “new podium to spread his views,” said Drew Altman, president and CEO of health policy organization KFF. 
    “It’s giving one of the chief architects for health misinformation a national podium backed by the president,” Altman told CNBC. “Many more people will hear what he has to say, believe it and act on it. That could pose a risk to their health.”
    Kennedy’s team did not immediately respond to CNBC’s request for comment.

    Vaccine rhetoric and uptake

    A second Trump term could allow Kennedy to elevate anti-vaccine rhetoric, regardless of whether he holds a major role at a federal health agency.
    Health experts said that could deter more Americans from receiving Covid shots and routine immunizations against various diseases that have for decades saved millions of lives and prevented crippling illnesses.
    “By elevating his message, it normalizes people, parents, opting out of the vaccination schedule,” said Genevieve Kanter, associate professor of public policy at the University of Southern California. “I think we could reasonably predict that there would be a decline in vaccination rates among children, and perhaps vaccination overall.” 

    Cynthia Blancas, 42, of Lynwood, receives a Covid-19 vaccine by pharmacist Deep Patel, right, at CVS in Huntington Park on August 28, 2024.
    Christina House | Los Angeles Times | Getty Images

    Real-world data from the CDC indicates that routine vaccination rates for kindergarten children ticked down during the pandemic and have yet to rebound. If Kennedy manages to push those rates even lower, vaccine-preventable diseases like polio and measles could potentially make a comeback, experts noted. 
    For the companies that manufacture shots, an increase in anti-vaccine rhetoric could potentially translate to lower revenue. Drugmakers such as Pfizer and Moderna are still recovering from falling Covid vaccination rates in the U.S., which have dented their profits over the last two years. 
    Kennedy may also affect the pharmaceutical industry’s ability to respond to another pandemic if given the power to determine how much federal funding should go toward vaccine development, some experts say. He told NBC News last year that he wouldn’t prioritize the research, manufacturing or distribution of shots if faced with another pandemic, falsely adding that “vaccines have probably caused more deaths than they’ve averted.”
    Kennedy’s track record as a vaccine skeptic is extensive: He has long made misleading and false statements about the safety of shots, such as claiming that they are linked to autism despite numerous studies going back decades that debunk the association. Kennedy is the founder of the nonprofit Children’s Health Defense, the most well-funded anti-vaccine organization in the country. 
    “He misinforms to the point that children suffer or die, and also stands back and doesn’t take any responsibility for it,” Offit said.
    He pointed to Kennedy’s misinformation about the safety of the measles, mumps and rubella vaccine, which was linked to a severe measles outbreak in Samoa in 2019 that left dozens of children dead.

    Regulatory process at the FDA, CDC 

    It would likely be harder for Kennedy to change how vaccines and other treatments are approved, recommended and regulated — even in a leadership role at the FDA, CDC or the Department of Health and Human Services, which oversees both agencies.
    That could be good news for both patients and drugmakers. 

    Signage is seen outside the U.S. Food and Drug Administration headquarters in White Oak, Maryland, Aug. 29, 2020.
    Andrew Kelly | Reuters

    “Approval processes are very well specified and run by civil servants,” USC’s Kanter said. ” I don’t see, in terms of the day-to-day product approvals, that he would have a ton of influence because that’s not the way the FDA is organized, and that’s not the role of an FDA commissioner. And so this process, I think we can trust to stay constant.” 
    Recommendations for vaccine approval, use and coverage under certain federal health plans are made by advisory panels to the FDA and CDC, which are composed of outside public health and medical experts. The same applies to other treatments and medical devices. 
    Kennedy could try to stack those committees with people who hold similar views on vaccination or other treatments to disrupt the “traditional regulatory oversight that protects us,” Georges Benjamin, executive director of the American Public Health Association, told CNBC. 
    But members of those panels have to undergo a rigorous nomination process. Many states that rely on advisory committee recommendations for vaccination schedules and mandates could also choose to ignore them if people sympathetic to Kennedy’s views join the panels. 

    Read more CNBC politics coverage

    Kennedy’s other proposals for overhauling federal health agencies will likely be difficult to execute. He has proposed cutting funding or headcount at the FDA, but those changes could have to come from Congress. 
    Last week, Kennedy warned in a post on X that the “FDA’s war on public health is about to end” and hinted at plans to gut the agency of workers who don’t agree with his views. 
    He accused the agency of its “aggressive suppression of psychedelics, peptides, stem cells, raw milk, hyperbaric therapies, chelating compounds, ivermectin, hydroxychloroquine, vitamins, clean foods, sunshine, exercise, nutraceuticals and anything else that advances human health and can’t be patented by Pharma.”
    Kennedy has previously claimed that hydroxychloroquine and ivermectin work against Covid, even though several studies say they do not. Hydroxychloroquine is an immunosuppressive drug, while ivermectin is used to treat infections caused by parasites.
    “He has embraced a lot of therapies that have been unproven for certain uses and some have been discredited,” Kanter said. 

    Chronic diseases

    Both Kennedy and Trump have been vocal about tackling the root causes of chronic diseases rather than spending resources on treating those conditions with drugs from the pharmaceutical industry. There are few details on what that would look like and mean for drugmakers, but experts said Kennedy has pushed misleading claims about what factors drive chronic illnesses. 
    The prevalence of chronic diseases, which last one year or more and require ongoing medical attention, is a real problem in the U.S. 
    An increasing share of people in America are dealing with multiple chronic conditions, with roughly 42% having two or more, according to the CDC. More than 40% of school-aged children and adolescents have at least one. Chronic diseases such as heart disease, cancer, diabetes and obesity are also a major driver of health-care costs in the U.S., accounting for about 90% of the $4.1 trillion annual health-care expenditure, the CDC said. 
    Kennedy could spearhead “Operation Warp Speed for childhood chronic disease” under a Trump administration, sources close to the former president’s campaign told NBC News last week. That refers to the title of the Covid vaccine development and distribution project during Trump’s first term. 
    It’s unclear what the new program or Kennedy’s role would look like, but the focus on chronic illnesses aligns with his so-called Make America Healthy Again platform.
    The initiative — a riff on Trump’s Make America Great Again slogan — aims to remove chemicals from food production, combat the “root” causes of chronic diseases and eliminate conflicts of interest in medical research, among other priorities that largely have bipartisan support. Environmental factors such as air pollution and diet contribute to chronic health conditions, but Kennedy has pushed unfounded claims around certain food ingredients and minerals. 
    Last week, Kennedy also proposed advising all U.S. water systems to remove fluoride from drinking water, falsely claiming that it is “an industrial waste” linked to several medical conditions, such as thyroid disease and and neurodevelopmental disorders. Trump has since said that idea sounds “OK to me.”
    But fluoride is a naturally occurring mineral found in soil, water and plants. Adding low levels of fluoride to drinking water is widely considered one of the greatest public health achievements of the 20th century for its role in preventing tooth decay. 
    USC’s Kanter also said “there is a danger of oversimplifying complicated health problems” and attributing them to a few “root causes,” especially when they aren’t backed by science. Chronic diseases are complex conditions that can be caused by multiple factors, such as a patient’s genetics and socioeconomic status, according to Kanter. 
    Kennedy’s nonprofit falsely links vaccines to chronic diseases, citing misleading articles and studies that show unvaccinated populations have fewer chronic conditions than their vaccinated peers. 

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    Burger King parent Restaurant Brands falls short of third-quarter expectations

    Restaurant Brands International reported quarterly earnings and revenue that fell short of Wall Street’s estimates.
    The company’s four chains reported weaker-than-expected same-store sales in their home markets.
    Canadian coffee chain Tim Hortons was the top performer of the quarter.

    A new Burger King restaurant under construction in Tortosa, Spain, following the current expansion of Restaurant Brands International Inc. – the parent company of BK- in new and existing markets.
    Joan Cros | NurPhoto | Getty Images

    Restaurant Brands International on Tuesday reported quarterly earnings and revenue that missed analysts’ expectations as domestic same-store sales growth for all four of its chains fell short of Wall Street estimates.
    Here’s what the company reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

    Earnings per share: 93 cents adjusted vs. 95 cents expected
    Revenue: $2.29 billion vs. $2.31 billion expected

    The company’s worldwide same-store sales grew just 0.3% in the quarter. Burger King, Firehouse Subs and Popeyes all reported same-store sales declines in their home markets.
    But so far in the fourth quarter, same-store sales trends have improved.
    “October now is, for the whole business, positive, low-single digits of same-store sales, which is an improvement from what we saw in [the third quarter],” CEO Josh Kobza told CNBC.
    He credited more successful marketing promotions and better consumer sentiment in the U.S. for the improvement in sales.
    “If you look at some of the things that really drive finances for our guests, everything from gas prices are down, interest rates are starting to go down, inflation has really started to moderate a fair bit,” Kobza said.

    Burger King’s same-store sales fell 0.7% during the three-month period that ended Sept. 30. Analysts had expected the metric to be flat, according to StreetAccount estimates. The chain is in the middle of a turnaround in the U.S., but consumers are also spending less at restaurants, reigniting the value wars between Burger King and its rivals.
    Popeyes reported same-store sales declines of 4%, well off the expected 0.2% gain, according to StreetAccount estimates. The chain has tried to step up its value offerings recently, first with promotion of three-piece bone-in chicken for $5 and then with the reintroduction of its Big Box deal at $6. In June, Popeyes launched boneless wings as a permanent menu item for the first time in its history.
    Firehouse Subs saw its same-store sales shrink 4.8% in the quarter, compared with an expected decline of 0.4%, according to StreetAccount. The sandwich chain is the latest addition to Restaurant Brands’ portfolio, as of 2021, and the smallest brand by footprint with just 1,300 locations as of the end of the third quarter.
    Tim Hortons was the top performer, with domestic same-store sales growth of 2.3%. Tims has been growing traffic and improving its speed of service, Kobza said. But the Canadian coffee chain still fell short of Wall Street’s same-store sales growth expectations of 4.1%.
    Outside of the U.S. and Canada, Restaurant Brands’ international same-store sales rose 1.8% in the quarter, just shy of estimates of 2.2%.
    Restaurant Brands reported third-quarter net income attributable to common shareholders of $252 million, or 79 cents per share, unchanged from a year earlier.
    Excluding items, the company earned 93 cents per share.
    Net sales climbed 24.7% to $2.29 billion, largely thanks to the company’s acquisitions of its largest U.S. Burger King franchisee and its Popeyes business in China earlier this year.
    This story is developing. Please check back for updates. More

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    Trump Media stock jumps on election day as traders bet Truth Social will benefit from his potential win

    Republican presidential nominee and former U.S. President Donald Trump reacts at a rally in Las Vegas, Nevada, U.S. September 13, 2024. 
    Piroschka Van De Wouw | Reuters

    Shares of Trump Media & Technology rose on Election Day Tuesday, with traders betting a second Trump presidency would give the business prospects of the Truth Social operator a boost.
    The stock, which trades under the ticker DJT — former President Donald Trump’s initials — is also seen as a proxy for Republican candidate’s prospects of retaking the White House. Wall Street research firms listed the stock as one to watch leading into Tuesday.

    Shares were last up about 8.2% in premarket trading.

    Stock chart icon

    DJT 1-day chart

    Year to date, Trump Media, which is majority-owned by Trump, has nearly doubled. However, it has struggled recently, as Vice President Kamala Harris appeared to gain momentum heading into Election Day. Shares have plummeted 33% over the past week. But the stock was up 12% on Monday.
    “We are trading this like GameStop on steroids right now,” said Jay Woods, chief capital strategist at Freedom Capital Markets, on CNBC Monday.
    “And you know, kudos to those that are trading it making money. But over the long term, the metrics don’t make any sense,” Woods added.
    Trump Media shares have seen huge retail trader inflows in the week’s leading up to the election and has been the most-discussed stock on Reddit page WallStreetBets, which gained popularity during the GameStop fueled stock meme fad of 2021.

    Despite the wild swings in DJT stock, the latest NBC News poll shows Trump and Harris are neck and neck, with both candidates getting support from 49% of voters.
    —With reporting by Kevin Breuninger and Alex Harring More

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    Yum Brands earnings miss estimates as KFC, Pizza Hut report same-store sales declines

    Yum Brands missed Wall Street’s expectations for its quarterly earnings and revenue.
    Both KFC and Pizza Hut reported same-store sales declines of 4%.
    Yum CEO David Gibbs said weak consumer sentiment and political conflicts weighed on the company’s results.

    Budrul Chukrut | Lightrocket | Getty Images

    Yum Brands on Tuesday reported quarterly earnings and revenue that missed Wall Street’s expectation as same-store sales at KFC and Pizza Hut slid more than expected.
    Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

    Earnings per share: $1.37 adjusted vs. $1.41 expected
    Revenue: $1.83 billion vs. $1.90 billion expected

    Yum reported third-quarter net income of $382 million, or $1.35 per share, down from $416 million, or $1.46 per share, a year earlier.
    Excluding items, the company earned $1.37 per share.
    Net sales rose 7% to $1.83 billion.
    Yum’s worldwide same-store sales fell 2% in the quarter, dragged down by weaker performances at KFC and Pizza Hut, which both reported same-store sales declines of 4%.
    The company’s sales have been hurt by pressures related to “political conflicts and challenged consumer sentiment,” CEO David Gibbs said in a statement. Conflict in the Middle East has weighed on Yum’s results since the fourth quarter of last year.

    KFC’s U.S. same-store sales slid 5% this quarter. The market is KFC’s second-largest, trailing only China, but the chain has ceded market share to Popeyes in recent years. Last year, Popeyes overtook KFC as the number two chicken chain in the U.S.
    Pizza Hut, on the other hand, saw a steeper decline in its international markets. The pizza chain saw its international same-store sales shrink 6%, while U.S. same-store sales fell just 1%.
    Taco Bell, the gem of Yum’s portfolio, reported same-store sales growth of 4%. Executives have previously said that the chain has a strong perception of value from consumers, helping its sales even during an industry-wide slowdown.
    This story is developing. Please check back for updates. More