PepsiCo Inc. (PEP) announced a 9.6% drop in third-quarter profit and plans to cut 3,300 jobs around the globe.

The company reported a third-quarter net income of $1.58 billion, or 99 cents a share, down from $1.74 billion, or $1.06 per share, a year ago. Excluding one-time items, PepsiCo earned $1.06 per share. Sales came in at $11.2 billion, up from $10.17 billion a year earlier.

PepsiCo’s earnings missed Wall Street’s expectations, as analysts polled by Thomson Reuters expected earnings of $1.08 per share on revenue of $11.2 billion.

The company attributed its losses to the effects of the overall economy and commodity costs on the U.S. beverage business.

“We were adversely impacted by continued weakness in the U.S. liquid refreshment beverage category, which resulted in disappointing performance in our domestic beverage business,” said Chairman and Chief Executive Indra Nooyi in a statement.

“We are taking important steps to revitalize our beverage portfolio,” she said.

The company’s plan to bolster productivity includes the elimination of 3,300 jobs, 40% of which are tied directly to the closing of up to six plants, slated to be announced by the end of the year.

The food and beverage giant said it plans to produce pre-tax savings of more than $1.2 billion over the next three years, with $350-$400 million in cost savings through 2009.

Looking ahead, PepsiCo lowered its 2008 earnings forecast to a range of $3.67 to $3.68 a share but reaffirmed its revenue growth target.

Analysts polled by Thomson Reuters have forecasted 2008 earnings of $3.74 per share.

PepsiCo's shares were down 7.3% in midmorning trading Tuesday; those of rival Coca-Cola (KO) were off 5.1%.