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Mondelez second-quarter revenue growth hit by global cyber attack


Mondelez International Inc MDLZ. O, the world’s second-largest confectionary company, said its second-quarter revenue growth would be reduced by 3 percent due to the recent global cyber attack, sending its shares down slightly in extended trading.
The owner of Cadbury chocolate said last month that employees in different regions were experiencing technical problems but it was unclear whether it was due to the cyber attack.
“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, ” Mondelez said on Thursday.
The company also said its shipping and invoicing was disrupted during the last four days of the second quarter and its affected systems were now up and running.
A computer virus created havoc affecting firms around the globe last month, as it spread to more than 60 countries.
However, Mondelez reaffirmed its full-year organic revenue outlook of “at least 1 percent growth”, and said it is yet to asses the full financial impact of the attack.
The company expects to incur incremental one-time costs in both second and third quarters as a result of the issue.
Mondelez shares were down 1.2 percent at $42.55 after the bell.
(Reporting by Rishika Sadam in Bengaluru; Editing by Shounak Dasgupta)

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