Kraft Heinz posts huge loss

Kraft Heinz reported a quarterly net loss of $12.6 billion.

"We are overly optimistic on delivering savings that did not materialize by year-end," Kraft Heinz CEO Bernardo Hees said. "For that, we take full responsibility. And we have taken steps to ensure this does not happen again by planning process, procedures and organization structure."

The company also announcd it wrote down the value of its Kraft and Oscar Mayer brands by $15 billion and that, separately, its accounting practices are being investigated by the Securities and Exchange Commission.

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