Global cereal giant Kellogg is reportedly set to cut down its global workforce by 2017 by seven per cent as a part of a cost-cutting plan, and given their weaker-than-expected sales for the year.
Kellogg said that it earned 326 million dollars for this quarter, or 95 cents per share, excluding one-time items, which was above the 89 cents per share Wall Street expected, as compared to 318 million dollars or 89 cents per share a year ago.
According to News.com.au, however, the cereal maker said that it expects earnings per share for the year to be towards the lower end of its previous forecast.
The report mentioned that a year ago, revenue slipped to 3.72 billion dollars and was short of the 3.73 billion dollars as expected by analysts.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app