Keurig to cut workforce after weak quarterly results

Keurig Green Mountain Inc. announced yesterday it expects to reduce its workforce by about 5 percent as the company grapples with declining sales of its brewers and single-serve coffee pods.

For the company's third quarter ended June 27, net income dropped to $113.6 million, or 73 cents a share, compared to $155.2 million, or 94 cents a share, a year earlier, according to Reuters.

Revenue moved down 5.2 percent to $969.5 million.

Sales of the company's packaged coffee pods fell 1 percent, while sales of brewers and accessories plummeted 26 percent.

Read more from Reuters.