Even though Burger King was the second largest hamburger chain in the world, it lagged far behind McDonald’s, which had a total of 32,466 restaurants worldwide. McDonald’s averaged about twice the sales volume per U.S. restaurant and was more profitable than Burger King. McDonald’s was respected as a well-managed company. During fiscal year 2009 (ending
December 31), McDonald’s earned $4.6 billion on revenues of $22.7 billion. Although its total revenues had dropped from $23.5 billion in 2008, net income had actually increased from $4.3 billion in 2008. In contrast to most corporations, McDonald’s common stock price had risen during the 2008–2010 recession, reaching an all-time high in August 2010.