Cyberattacks take a toll on Mondelez’s second quarter revenues

The Cadbury’s owner has yet to assess the total damage caused by the cyberattacks.

Mondelez International Inc, the second biggest confectionery company in the world, has stated that its second-quarter revenue growth would shrink by 3% due to the recent global cyberattacks.

The news caused its shares to tilt slightly lower in extended trading.

Last month, the owner of the Cadbury brand of chocolate disclosed that its employees across various geographical locations were experiencing technical difficulties, however it is unclear whether these were related to the cyberattack.

“There are a few markets where we have permanently lost some of that revenue due to holiday feature timing, but we expect we will be able to recognize the majority of these delayed shipments in our third quarter results,” said Mondelez on Thursday.

Mondelez has stated its shipping and invoicing was disrupted during the last four days of the second quarter. The systems which were affected by the attack are now up and running.

Despite the wave of cyberattacks, Mondelez has reaffirmed its full-year revenue outlook of “at least 1 percent growth”.

It has yet to assess the full financial impact of the cyberattacks and as a result it expects to incur an incremental one-time cost in the second and third quarter.

Mondelez shares were seen trading down by 1.2% at $42.55 after the closing of the bell.

Advertisements


Categories: Creativity, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

Tags: , , , , , , , , , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: