If Mondelez Int'l  (MDLZ - Get Report) , which reports its fourth-quarter earnings next Tuesday, discloses a decline in revenue, it'll be the 13th straight revenue decline for the snack giant. 

For the full 2016 fiscal year, analysts polled by FactSet expect Mondelez to report earnings of $1.95 per share on revenue of about $26.1 billion. In fiscal 2015, Mondelez reported net revenues of $29.6 billion, a 13.5% decline year-over-year, and a net loss of 46 cents per share. The company reports on Feb. 7.

In its last quarterly earnings, released Oct. 27, Mondelez reported its 12th straight decline in quarterly net revenue. Since then, the Deerfield, Ill.-based snack giant unloaded its Australian and New Zealand grocery business for A$460 million ($345 million), while the coffee business it backs, Jacobs Douwe Egberts, spent S$1.45 billion ($1 billion) on Singaporean coffee company Super Group.

Mondelez is in the midst of a $3 billion cost-cutting initiative as activists such as Trian's Nelson Peltz have chided CEO Irene Rosenfeld for low growth. Another activist, Bill Ackman, revealed in a Jan. 27 regulatory filing that his Pershing Square Capital Management had increased its stake in Mondelez to 6.4% from 5.6%. Ackman unveiled a stake worth roughly $5.5 billion in 2015, but unloaded part of the stake in March after Pershing Square was battered by holdings including Valeant (VRX) .

In an attempt to reinject some growth, Mondelez offered and failed to buy Hershey (HSY - Get Report) for $23 billion last summer as the embattled Hershey Trust, which controls voting power at the chocolate giant, grappled with a regulatory investigation. Mondelez offered $107 per share and reportedly was willing to pay $115 per share. Hershey shares closed Wednesday at about $105.

Although Mondelez previously spun off its grocery business into Kraft Foods Group, now known as Kraft Heinz (KHC - Get Report) since its merger with H.J. Heinz, Kraft Heinz is considered a likely Mondelez acquirer, with a deal backed by its investors, 3G Capital and Warren Buffett's Berkshire Hathaway (BRK.B - Get Report) .

"MDLZ's focused snack-food portfolio and growth-advantaged geographic footprint could be attractive to a potential suitor," wrote Goldman Sachs analyst Jason English in January, adding, "MDLZ's large size may be less of an impediment than we previously assumed given recent announced or completed large transactions in staples." He raised his price target on the stock to $47 from $46, identifying Kraft Heinz as a likely bidder.