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Yum! Brands Goes Sour After Q3 Earnings Report
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4 Nov 2019 07:18 AM EST

Fast food corporate giant Yum! Brands sank in opening trading in New York. The conglomerate owns KFC, Taco Bell, and Pizza Hut. Markets Insider reports the slump came after reporting its third-quarter earnings. The fast-food company reported massive declines in profits and earnings per share, as the brand slipped 9% on Wednesday. That signalled a $3 billion loss in a single morning in terms of value. The company said its investment in Grubhub was in part to blame, taking a $60 million hit from the food delivery service. Yum! Brands invested $200 million in Grubhub for a 3% stake in February 2018. The hit cost Yum! 15 cents on earnings per share. Following a very strong first half of 2019 and in line with our expectations, third-quarter results were consistent with our long-term growth model. Greg Creed, CEO, Yum Brands

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