(Reuters) — Monsanto Co. said a souring farm economy and currency woes will push its 2016 earnings to the lower end of expectations. A cost-cutting drive will slash more jobs.
The company’s net loss was $253 million, or 56 cents per share, in the first quarter ended Nov. 30, compared with a profit of $243 million, or 50 cents per share, a year earlier.
Corn seed and traits sales dropped nearly 20 percent while chemical sales fell 34 percent
Monsanto also said it would expand its global job reduction plan to 3,600, up 1,000 from earlier plans