Campbell's said it has cut more than 1,750 jobs, or roughly 13% of its workforce, as part of a cost-savings program that aims to turn around the company's struggling operations.

The cuts came as the soup-and-snack maker swung to a loss in the latest quarter, as higher costs pressured profitability and soft demand hurt sales. The company said it expects both trends to persist over the coming year.

"Our performance is not where it needs to be, and we are taking decisive action to improve it," Chief Executive Mick Beekhuizen said.

Shares tumbled 9.3%, to $21.56, shortly after Thursday's opening bell. The stock has lost more than a fifth of its value year to date.

Campbell's plans to cut $500 million in costs by fiscal 2030, a move that aims to protect margins and support higher investment levels. Chief Financial Officer Todd Cunfer said several cost-saving actions are already under way, including the closure of two snack plants and a recently completed workforce reduction.

The company had 13,700 employees as of August 2025, according to the latest headcount available in filings with the Securities and Exchange Commission.

Campbell's also said it would slash its quarterly dividend to 25 cents a share, marking a 36% reduction from its prior quarterly dividend of 39 cents a share.

"Together, these actions are designed to improve speed and accountability while supporting our margins and cash flow," Cunfer said.

Looking ahead, Campbell's said it will increase its focus on consumers, sharpen its execution and increase investment in its brands. The steps won't improve the company's performance overnight, Beekhuizen said, but they should help to return the company to growth in the long term.

In the coming year, Campbell's expects adjusted earnings of $1.65 to $1.80 a share, missing Wall Street estimates for $1.83 a share, according to FactSet. The company also guided for net sales to decline by 2% to 4%, steeper than the roughly 1% decrease that analysts forecast.

The outlooks reflect an external environment that is expected to remain volatile, as well as another year of elevated inflation. "However, our outlook also reflects the benefits of productivity, cost savings initiatives and pricing that we expect to build throughout the year and increasingly support margin recovery," Beekhuizen added.

For its fiscal fourth quarter, Campbell's posted a loss attributable to shareholders of $69 million, or 23 cents a share, compared with a profit of $145 million, or 48 cents a share, a year earlier. Adjusted earnings of 39 cents a share were in line with analyst estimates.

Sales fell 8% to $2.14 billion, also in line with Wall Street models. On an organic basis, sales were down 1%.

Sales across its snacks division tumbled 12%, while sales across its meals and beverages unit were down 4%.