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Penny-pinching consumers took the fizz out of Pepsi’s beverage business, but the company plans to funnel more money into marketing after announcing it will cut 3,300 jobs.
Pepsi today reported net third-quarter earnings of $1.6 billion versus $1.7 billion for the same period in 2007. In a statement, the company blamed the U.S. beverage business for the performance.
“We were adversely impacted by continued weakness in the U.S. liquid refreshment beverage category, which resulted in disappointing performance in our domestic beverage business,” said PepsiCo chairman and CEO Indra Nooyi.
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