PepsiCo intends to fire hundreds of employees, says report
According to the Wall Street Journal, PepsiCo Inc. is firing off headquarters employees from its North American snack and beverage operations, indicating that corporate cuts are beginning to stretch beyond the technology and media industries.
The Journal reported that the Purchase, New York-based corporation will fire hundreds of employees, citing an internal memo. As per the Journal, PepsiCo framed the layoffs as an attempt to “simplify” the company.
Requests for responses from PepsiCo were not immediately returned. In after-hours trading, the company’s stock rose 0.1%.
Despite paying higher prices for commodities such as sugar, corn, and potatoes and passing those costs on to customers, the creator of Frito-Lay chips, Mountain Dew soft beverages, and Quaker Oats cereals says demand for its goods remains robust.
Nonetheless, the uncertain economic climate and persistent inflation have scared businesses across a wide range of industries, forcing them to cut expenses. National Public Radio is limiting employment, while CNN, owned by Warner Bros. Discovery Inc., is laying off employees, as are numerous other media conglomerates. Meanwhile, major technology businesses such as Amazon.com Inc., Apple Inc., and Meta Platforms Inc. are laying off thousands of employees.
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