PepsiCo to Cut 8,700 Jobs as Net Income Rises

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

Hot Feature: Pinterest is Cashing in on the Sly

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. (NYSE:KO). 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.

Don’t Miss: Google Will Provide Fair Licensing After Motorola Merger

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