Nestle announced on Thursday that it plans to cut 16,000 jobs over the next two years while raising its cost-saving targets. This announcement came during the company's first earnings report since the appointment of its new CEO, Philipp Navratil.

The company has increased its cost-saving target for 2027 from 2.5 billion Swiss francs to 3 billion Swiss francs (approximately $3.77 billion).

Nestle reported sales of 65.87 billion Swiss francs for the first nine months of 2025, with an acceleration in organic growth to 3.3%. Analysts had previously expected the company’s sales to grow by 3.2%, reaching 65.765 billion Swiss francs.

The company's website indicates it has approximately 277,000 employees, with 12,000 of the planned cuts affecting white-collar positions.