Demand For Snacks Slows but Mondelez Beats Profit Estimates

Mondelez is on the rise after the food maker topped third quarter profit estimates. The maker of popular snacks such as Oreo cookies and Toblerone chocolate beat analysts' estimates. It posted earnings of $899 million, or 50 cents per share, for Q3. The Illinois-based company now anticipates earnings of around $1.87 per share for the year, up from its previous forecast. The food company has raised its revenue predictions following bottom line cost cuts. Earnings were mainly driven by increased efficiency and cost reduction programs. Consumer demand and snack sales have consistently slowed across the market but shares in Mondelez have increased around 4 percent over the last 12 months.