Cocoa prices remain substantially elevated from prior years, more than doubling since the end of 2023. Chief Executive Officer Dirk Van de Put said the company was focused on navigating cocoa cost

Mondelez International Inc shares slumped in after-hours trading after the snack food company said “unprecedented cocoa cost inflation” would drive down earnings this year.

The company is specifically focused on its chocolate business as it navigates cocoa cost inflation, Chief Executive Dirk Van de Put said. The company previously said it expects to raise prices.

Mondelez International, Inc. MDLZ posted fourth-quarter 2024 results, with the top line increasing year over year but missing the Zacks Consensus Estimate. The bottom line decreased from the year-ago quarter’s level and missed the consensus mark amid a challenging operating environment marked by cocoa cost inflation.