PepsiCo Inc., the world's largest snack maker, said it will cut 3,300 jobs after posting profit that fell more than analysts estimated and lowering its forecast for the rest of the year.Rico says he never drinks Pepsi except by accident (some places serve it to you without telling you it's not Coke, the bastards), so he's not doing them any good anyway...
Net income decreased to $1.58 billion, or 99 cents a share, from $1.74 billion, or $1.06, a year earlier, PepsiCo said today in a statement. Excluding some costs including hedging, profit was $1.06 a share, trailing analysts' estimates by 2 cents.
Sales jumped to $11.2 billion from $10.2 billion. Declining beverage sales in North America, which makes up a fourth of PepsiCo's annual revenue, hurt profit as consumers cut back on soft drinks to better afford higher priced gasoline and food.
PepsiCo, the world's second-largest soda maker, fell $1.77, or 2.9 percent, to $60 at 7:43 a.m. in trading before the New York Stock Exchange opened. The shares fell 19 percent this year before today, compared with a 23 percent decline for Coca-Cola Co.
14 October 2008
Rico isn't helping, either
Bloomberg has the story of the decline of Pepsi:
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