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Investing.com -- Procter & Gamble (NYSE:PG) plans to cut around 7,000 jobs, or roughly 15% of its global non-manufacturing workforce, over the next two years. The move is part of a broader organizational overhaul aimed at simplifying structures by forming smaller teams with expanded responsibilities. The company emphasized that the layoffs are not a cost-cutting measure. Advertisement: High Yield Savings Offers Earn 4.10% APY** on balances of $5,000 or more View Offer Earn up to 4.00% APY with Savings Pods View Offer Earn up to 3.80% APY¹ & up to $300 Cash Bonus with Direct Deposit View Offer Powered by Money.com - Yahoo may earn commission from the links above. The consumer goods maker, known for brands like Tide, Pampers and Bounty, had about 108,000 employees as of last June.
Executives announced the restructuring plans during a presentation in Paris, where they also signaled an intention to streamline the company’s product portfolio. While specific details were not provided, the changes could involve exiting certain categories and shedding smaller brands in select markets. In April, P&G reported a decline in quarterly sales and lowered its full-year revenue outlook, citing global economic uncertainty and geopolitical instability. The company posted earnings per share (EPS) of $1.54 for the third quarter of fiscal 2025, slightly above the $1.53 that analysts expected. Revenue came in at $19.78 billion, falling short of the $20.11 billion forecast.
It also said it was exploring ways to manage the impact of tariffs, including raising prices, reformulating products and tightening costs. Chief Financial Officer Andre Schulten said current tariffs are expected to reduce annual growth by $1 billion to $1.5 billion. To offset the impact, the company plans to rely on pricing, productivity, and innovation in the near term, while also exploring changes in product formulation and sourcing. With one quarter remaining in its fiscal year, P&G currently anticipates flat sales growth for fiscal 2025, a downgrade from its previous projection of 2% to 4%. It also lowered its core earnings outlook to a range of $6.72 to $6.82 per share, down from the earlier forecast of $6.91 to $7.05.
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Procter & Gamble plans to slash 7,000 non-manufacturing jobs over next 2 years
June 05, 2025 04:41 AM EDT | By EODHD
