The Associated Press reports that PepsiCo plans to cut 8,700 jobs around the world and ramp up advertising in North America in an effort to reduce costs.
Though the company exceeded fourth quarter expectations, it predicted a decline in 2012 earnings.
PepsiCo, which produces such beverages as Gatorade and Mountain Dew along with numerous other food and snack items, had considered eliminating its 401(k) match along with 4,000 employees earlier in the year—a move that would have saved the company $75 million.