Mondelez forecasts steep drop in annual profit on soaring cocoa prices

Shares of the Chicago-based company fell nearly 4% after the bell. Prices of cocoa — a key ingredient in chocolate — have increased relentlessly over the past year, forcing companies such as Mondelez to hike prices of their products. Mondelez expects its 2025 profit to fall 10% on an adjusted basis, compared with analysts' average estimate of a 6.7% decline, according to data compiled by LSEG.