- Kellogg Company announced its third-quarters earnings results on Monday, and the news came accompanied by word that it will eliminate 7% of its workforce by 2017.
- The company saw a 3% rise in quarterly profits as net income for the quarter hit $326 million (90 cents per share), up from $318 million in the same quarter last year.
- Kellogg also announced a new "global growth and efficiency program" called Project K, meant to bolster its business ventures at home while seeking out opportunities for growth in markets abroad.
Kellogg has 31,000 employees, according to FactSet. That suggests 2,170 job cuts over next four years $K— Candice Choi (@candicechoi) November 4, 2013
We all know that Kellogg is in a tough spot right now, as interest in cold cereal has been withering and breakfast habits in general have drifted toward other products. Still, the company saw production costs for cereal go down, and it's placing a great deal of hope in snack foods like Pringles.