PepsiCo reportedly planning to lay off hundreds of workers

PepsiCo Inc. (NASDAQ: PEP) is reportedly preparing to lay off workers at its Purchase headquarters and the executive centers of its North American snacks and beverages divisions.

The Wall Street Journal, sourcing coverage from unnamed “according to people familiar with the matter” and by internal PepsiCo documents obtained by its reporters, stated that “hundreds of jobs” will be eliminated at the company”™s offices in Purchase, Chicago and Plano, Texas. An internal memo told the PepsiCo workforce that the job cuts were occurring in order to “simplify the organization so we can operate more efficiently.”

As of December 2021, PepsiCo employed approximately 309,000 people worldwide, including roughly 129,000 people in the U.S. In its most recent quarterly report published on Sept. 3, PepsiCo recorded a 9% year-over-year revenue increase to $21.97 billion.

“The consumer is still very healthy in terms of our particular category,” said PepsiCo CEO Ramon Laguarta during the company”™s earnings call. “Our brands are being stretched to higher price points and the consumers are following us.”