What caused YUMC's earnings to miss forecasts in Q2 2024?

Yum China Holdings Inc.'s (YUMC) earnings fell short of forecasts in Q2 2024 due to a combination of factors:

1. **Revenue Shortfall**: The actual revenue for Q2 2024 was $2.68 billion, which is below the expected figure. This indicates a shortfall in sales, which directly impacts the company's profitability.

2. **Economic Pressures**: The broader economic environment, including inflationary pressures and consumer spending habits, likely played a role in the revenue shortfall. Higher prices for raw materials and operational costs could have squeezed margins, further impacting profitability.
3. **Dividend Payments**: The company's high dividend payout ratio might have constrained earnings growth. Dividend payments are a significant expense for the company, which could have reduced the net income available to shareholders.
4. **Competitive Pressures**: The fast-food industry is highly competitive, and Yum China faces challenges from other established players and new market entrants. Increased competition could have led to pricing pressures and reduced market share, impacting revenue and profitability.

In summary, Yum China's Q2 2024 earnings miss was likely a result of a combination of revenue shortfall, economic pressures, high dividend payments, and competitive pressures.