What caused MDLZ's Q2 2024 earnings to fall short?

Mondelez International's Q2 2024 earnings fell short, as indicated by the earnings surprise of $0.07 below the expected EPS of $0.80, due to several key factors: 1. **Cost Inflation and Supply Chain Challenges**: Mondelez has been affected by ongoing inflation, particularly in the areas of cocoa and sugar, which has impacted its margins. Additionally, the company has faced challenges due to geopolitical complexities and increased labor costs. These factors have created cost pressures that have affected the company's profitability. 2. **Market Share Losses in North America**: Despite efforts to protect market share, Mondelez has experienced losses in the North American market, particularly at the lower end of the consumer spectrum. This trend is attributed to persistent inflation and high interest rates, which have impacted consumer spending habits. The company has been focusing on increasing Total Distribution Points (TDPs) and adjusting promotional strategies to combat these challenges. 3. **Currency Headaches**: Mondelez has also faced headwinds from currency fluctuations, which can impact its international operations and profit margins. The company has noted that inflation is in line with expectations, but currency impacts are a consideration in its operating environment. In summary, Mondelez's Q2 2024 earnings were impacted by cost inflation, supply chain challenges, market share losses in North America, and currency headaches. These factors combined to create a challenging operating environment for the company, leading to earnings that fell short of expectations.