Rising fast-food prices over the past year have prompted consumers to cook cheaper meals at home and avoid eating out, hurting the industry.

Burger King parent Restaurant Brands and KFC owner Yum Brands missed market estimates for quarterly results on Tuesday, hit by weak demand in the United States and abroad from budget-stretched customers.

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.

Restaurant Brands' stock drops after Q3 earnings miss, despite confidence in achieving 8%+ operating income growth for 2024 and beyond.