PepsiCo to Cut 8,700 Jobs as Net Income Rises

The Cheat Sheet

PepsiCo Inc. announced today plans to cut 8,700 jobs and boost market spending for its brand by as much as $600 million.

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The increased spending will have a “particular focus” on North America, while the job cuts represent about 3 percent of PepsiCo’s global workforce.

CEO Indra Nooyi is looking to boost U.S. beverage sales and regain market share from Coca-Cola Co. . PepsiCo brought investors together in New York on Thursday to reveal a multi-year plan to boost earnings and restore confidence after two years of lowered profit targets.

In a separate report, PepsiCo announced fourth-quarter net income rose to $1.42 billion, or 89 cents a share, from $1.37 billion a year earlier. Excluding some items, profit was $1.15 a share.

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To contact the reporter on this story: Emily Knapp at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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