Low demand in Europe leaves bitter taste for Mondelez

Mondelez International, the maker of Cadbury chocolates and Oreo cookies, has reported an 18 per cent fall in quarterly revenue, hurt by a strong dollar and lower sales in Europe, its largest market.

The company’s net revenue fell to $6.85 billion in the third quarter to the end of September from $8.34 billion a year earlier.

Revenue fell for the eighth straight quarter. Net income attributable to the company rose to $7.26 billion, or $4.46 per share, from $899 million, or 53 cents per share, a year earlier, primarily due to a $7.12 billion gain on its coffee business divestitures.

- Reuters