WK Kellogg's Stock Slumps After Q2 Shortfall: $390M Investment, 550 Layoffs On The Horizon
Portfolio Pulse from Nabaparna Bhattacharya
WK Kellogg Co (NYSE:KLG) shares are trading lower after the company reported Q2 earnings that missed expectations. The company plans a $390M investment and 550 layoffs as part of a restructuring strategy. Despite the shortfall, WK Kellogg reaffirms its FY24 guidance.
August 06, 2024 | 2:42 pm
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WK Kellogg Co (NYSE:KLG) shares are down after missing Q2 earnings expectations. The company plans a $390M investment and 550 layoffs as part of a restructuring strategy. Despite the shortfall, WK Kellogg reaffirms its FY24 guidance.
The Q2 earnings miss and the announcement of significant restructuring, including a $390M investment and 550 layoffs, are likely to negatively impact investor sentiment in the short term. However, the reaffirmation of FY24 guidance provides some stability.
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IMPORTANCE 90
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