PepsiCo had some band news on Tuesday that may affect some of its employees.
The beverage giant announced that it would be cutting some jobs and they will affect its corporate employees. The company has over 110,000 employees and the cuts will affect less than 1% of this total.
While some jobs will be canned, other employees will be celebrating because PepsiCo also announced it would be giving some people bonuses of up to $1,000.
The tax overhaul has created savings for many corporations, including PepsiCo. The company said it would be using its tax savings to raise its annual dividend by 15% and to also increase its share buyback program to $15 billion. Currently it is at $12 billion.
PepsiCo recently reported its earnings report for the three months ended December 30th. The company reported a loss of $710 million or 50 cents a share. EPS was $1.31 while analysts had expected $1.30.
Revenue at $19.53 billion was also higher than the $19.44 billion that analysts were waiting on.
For 2018, PepsiCo has forecast adjusted earnings of $5.70 a share. Analysts are waiting for $5.67 a share.
Disclaimer: We have no position in PepsiCo, Inc. (NASDAQ: PEP) and have not been compensated for this article.