NEW YORK (CNN/Money) - McDonald's Corp. warned about future results and announced plans to cut costs, including closing 175 underperforming fast-food restaurants.

The company said it will eliminate 400 to 600 jobs, with about half the positions in the United States. The restaurant closings will be concentrated in 10 countries outside the United States.

The world's largest fast-food chain said it will not achieve its previously announced earnings target for 2002. It did not give any new guidance, although it said the restructuring and job cuts will cut fourth-quarter pre-tax income by $350 million to $425 million.

Shares of McDonald's (MCD: down $2.46 to $16.85, Research, Estimates), a component of the Dow Jones industrial average, slipped $1.41 to $17.90 in pre-market trading Friday.

McDonald's, which has been struggling with lower sales due in part to worries about tainted beef in Asia and Europe, hinted last month that it planned to curb spending and growth in 2003.

On Oct. 22, McDonald's said it planned to open only 600 new stores and cut its spending on new stores by about $500 million. That's sharply lower than the 1,050 stores the chain plans to open by the end of 2002.

The company also said Friday that October system-wide sales totaled $3.5 billion, up 3 percent from a year ago, and $34.5 billion in the first 10 months of 2002, up 2 percent from the same period a year earlier.

McDonald's said the store closings, job cuts and other restructuring costs will reduce fourth-quarter pretax income by $350 million to $425 million.

"These actions are the right things to do for McDonald's sharehoders, the brand and our business," CEO Jack Greenberg said. "We remain focused on growing our existing restaurants' sales and we're committed to making the changes necessary to succeed in the challenging worldwide economic and competitive environments in which we operate."