PepsiCo plans to cut hundreds of corporate jobs, report says

The company’s beverage unit is expected to be hit harder by the cuts because the snacks unit already shrank its workforce through a voluntary retirement program, according to the Journal.

The company did not immediately respond to a request for comment from CNBC.

Pepsi employed 309,000 people worldwide as of Dec. 25, with more than 40 per cent of those jobs located in the US, according to a company regulatory filing.

In October, PepsiCo hiked its full-year revenue forecast after higher prices boosted its sales. However, some of its business units, including Frito-Lay North America, reported shrinking volume, a sign that consumers were cutting back their snacking to better manage their budgets.

In recent months, companies in the tech and media sectors have been laying off workers to trim costs as economic uncertainty pressures their businesses. Several food and beverage companies have also cut jobs, including Beyond Meat, Impossible Foods and PepsiCo’s main rival Coca-Cola. In November, Coke said it would restructure its North American business through a voluntary separation program that included buyouts.