- Text
PepsiCo's net rises; plans to cut 8,700 jobs
(AP)
PURCHASE, N.Y. - PepsiCo (PEP) says it will cut 8,700 jobs in a cost-cutting move as it increases investment in advertising and marketing in North America.
The jobs cuts are 3 percent of its work force. The company says it expects to save $1.5 billion by 2014.
The snack and drink maker also says net income for the quarter ended Dec. 31 rose 4 percent to $1.42 billion, or 89 cents per share. That's up from $1.37 billion, or 85 cents per share, last year.
Excluding restructuring and other costs, net income was $1.15 per share Analysts expected $1.13.
Revenue rose 11 percent to $20.16 billion. Analysts expected $19.89 billion.
Soda makers are facing high costs and changing consumer tastes toward healthier drinks. Pepsi's products include Quaker oatmeal, Tropicana juice and Doritos chips.
- 10 Best Countries To Live and Work Abroad
- 4 Things Not to Buy at Costco
- Top 10 Cities for Single Men
- Analysts: Europe bank run is under way
- Top 10 Places to Live in 2011
- Chilean copper giant Codelco CEO resigns
- Used Cars: 5 to Avoid (and 5 Better Alternatives)
- How to handle sexual misconduct at work
- Injury forces Michael McKean out of Broadway show
- Reverse Cell Phone Lookup Service is Free and Simple
- Doctors report rise in kids eating detergent packs
- Why that flat Facebook IPO isn't so bad after all
- 5 Things You Should Buy at Costco
- Made in USA: 5 Great American Cars Made Here
- The holy grail of leadership
- Can Tim Cook do what Steve Jobs couldn't?
