Pepsico 3Q results below expectations;to cut 3300 jobs
Pepsico 3Q results below expectations;to cut 3300 jobs
PepsiCo Inc (PEP.N) reported a quarterly profit that missed Wall Street expectations, hurt by disappointing U.S. soft drink sales.
The maker of Pepsi-Cola drinks, Frito-Lay snacks and Quaker foods also said on Tuesday that it would cut 3,300 jobs, or roughly 1.8 percent of its work force, as part of a plan to save more than $1.2 billion over three years.
Net income fell to $1.58 billion, or 99 cents per share, in the third quarter ended on Sept. 6 from $1.74 billion, or $1.06 per share, a year earlier.
Excluding losses on commodity hedges, earnings were $1.06 per share. Analysts on average were expecting $1.08, according to Reuters Estimates.
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