Pepsi to Cut Jobs as Third-Quarter Net Falls

PepsiCo(PEP Quote) said third-quarter net income fell from a year earlier and the snack and beverage maker said it plans to eliminate 3,300 positions under a program to cut costs.

Pepsi reported third-quarter earnings of $1.6 billion, or 99 cents a share, compared with $1.7 billion, or $1.06 a share, a year earlier. Excluding mark-to-market accounting, earnings in the latest quarter were $1.06 a share. Analysts surveyed by Thomson Reuters expected Pepsi to earn $1.08 a share.

In a statement Tuesday, Pepsi said the quarter was hurt by continued weakness in its U.S. liquid refreshment beverage category, which resulted in disappointing performance in its domestic beverage business. ...