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00:03PepsiCo is cutting about 1,000 jobs across North America
00:06as it works to turn around lagging sales in its home market, according to CNBC.
00:11The layoffs will take place over the next week
00:13as the company aims to streamline operations and better connect teams.
00:17PepsiCo employs about 306,000 people worldwide,
00:21including roughly 125,000 in the U.S.
00:24In October, the company lowered its full-year earnings outlook
00:28amid struggles in North America.
00:30Third-quarter beverage volume fell 2%,
00:32while food volume remained flat in the region.
00:36PepsiCo has cut prices and increased marketing investments to boost sales,
00:40but the turnaround is taking longer than expected, CFO Steve Schmidt said.
00:45Shares are down nearly 1% this year,
00:47compared with the S&P 500's nearly 11% gain.
00:51For all things money, visit Benzinga.com.
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