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McDonald’s posts Q1 earnings beat

McDonald's is back, and apparently all it took was a few extra Egg McMuffins.

The company announced better-than-expected earnings Friday, driven by the runaway success of the new all-day breakfast platform.

The company reported first-quarter earnings of $1.23 per share on $5.90 billion in revenue.

"I'm pleased to report that our turnaround is taking hold," CEO Steve Easterbrook said.

Its stock price was flat Friday.(Click here for the latest price.)

Analysts had expected McDonald's to report earnings of about $1.16 a share on $5.83 billion in revenue, according to a consensus estimate from Thomson Reuters.

McDonald's introduced all-day breakfast at its U.S. restaurants in October in a bid to attract more diners in the face of growing competition from rivals such as Chipotle Mexican Grill and Shake Shack. The move boosted sales last quarter and appears to be a factor in the Golden Arches' earnings beat.

"Breakfast all day is a platform for them, not just a promotion, and it's driving good traffic growth, it's driving some good check growth. I think it's going to continue," Peter Saleh, restaurant analyst at BTIG, told CNBC's "Squawk...