The early wave of third quarter earnings stepped on a banana. Pepsi (PEP) numbers were awful and they cost a lot of people their jobs.
Globally, approximately 3,300 positions will be eliminated in connection with the productivity program, of which about 40 percent relate to the closing of up to six plants and other capacity rationalization actions.
While revenue rose from $10.2 billion to $11.2 billion, net income fell from $1.743 billion to $1.576 billion.
In the pre-market, Pepsi shares indicated that they would trade down at the open.
Douglas A. McIntyre