Dive Brief:

• Mondelez International reported earnings that fell short of Wall Street's expectations. Shares in the snack maker fell 3% on the news. 
• The maker of Oreos, Trident gum, Ritz crackers, and other brands blamed the performance on worse-than-expected sales of cookies in China.
• Mondelez also announced it would increase prices — particularly in emerging markets and Europe — and warned that the move could hurt sales in the short term.

Dive Insight:

There seems to be a theme emerging this earnings season among the global food giants — cut jobs in North America because the sales we promised you in China aren't happening. 

No doubt things are more complicated than we make them sound. And no doubt it's a perfectly reasonable mistake to have assumed the developing world was about to develop a taste for Western junk food. Still, we are a little weirded out to read Mondelez's earnings statement as it shutters plants in the U.S.,  to read Nestle's earnings as it sell off brands and talks of disappointing sales in emerging markets, and to read ConAgra's earnings as it struggles along under the weight of old brands and undigested acquisitions.