Investors hungry for McDonald's shares after first quarter earnings beat

Fast food giant McDonald's rose almost 5% on Wall Street after its first quarter earnings beat analysts' estimates on Tuesday.

McDonald’s reported revenue of $5.7bn for the first three months of 2017, with strong performances in key operating regions such as the US and Canada.

Earnings for the quarter were 8% higher than in the corresponding period of 2016, at $1.2bn. Sales fell for the eleventh consecutive quarter, but declined less than analysts had forecast.

The company attributed its strong performance to an expansion of its promotion of products such as its Big Mac range.

"There's a sense of urgency across the business as we take actions to retain existing customers, regain lapsed customers and convert casual customers to committed customers," McDonald’s CEO Steve Easterbrook said.

"We're continuing to build a more personalized and enjoyable visit, which delights customers with the taste and quality of our food and offers the highest level of convenience."

As of 16:33 GMT, McDonald’s shares were trading 4.89% higher at a historic high of $140.77.