Sweet deal: Confectionery firm Mondelez beats profit estimates

Food and beverage giant Mondelez reported earnings for its third quarter that performed above expectations late last night, despite falling revenue.

The US-based owner of well-known brands such as Oreo, Toblerone and Belvita said it earned $1.2bn (£937.6m) in the three months to September, compared to $981m in the same period in 2017.

Revenue fell 3.7 per cent from $6.5bn a year ago, to $6.3bn this quarter.

Mondelez said it expects growth for 2018 to be about two per cent. Its share price remained unchanged in after-hours trading.

“We performed well in the third quarter,” said Dirk Van de Put, chairman and chief executive of Mondelez.

"We continue to see good momentum in emerging markets, underpinned by solid volume growth and strong execution. We are beginning to deliver against our new long-term growth strategy by implementing a more agile innovation model and establishing a new commercial structure that will improve our consumer focus and drive greater local accountability, while igniting our global and local brand and innovation agendas.”