PepsiCo (NASDAQ:PEP) layoffs are making the rounds on Tuesday as the food and beverage company seeks to cut jobs at its corporate headquarters.
According to recent reports, PepsiCo will be laying off hundreds of employees from its snacks and beverages unit. These job cuts come as the company seeks to simplify the organization for easier operation.
These job cuts will be restricted to North America and will majorly affect the company’s beverage employees. The snacks division isn’t getting hit as hard due to it already having gone through a voluntary retirement program.
It’s worth noting that the PepsiCo layoffs come as the company deals with higher prices from inflation. This saw consumers cutting back on snacks. That was shown during the company’s latest earnings report, which saw Frito-Lay North America’s volume decrease.
PepsiCo Joins the Layoffs Trend
Plenty of other companies have also been laying off employees recently due to inflation. The tech sector has been hit especially hard, with several major companies cutting jobs. A few examples include Twitter, Meta Platforms (NASDAQ:META), Snap (NYSE:SNAP) and Salesforce (NYSE:CRM). You can find a longer list here.
As for how today’s news is affecting PEP stock, shares are down slightly as of Tuesday morning. Investors will note that this follows a short boost in price when markets opened.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.