PROFIT UP: Kraft Foods Inc. reported that its second-quarter profit jumped 5 percent to $1.03 billion, or 58 cents per share. After adjusting for spin-off and other one-time costs, it earned 68 cents per share. That beat analyst expectations of 66 cents per share, according to a poll by FactSet.

REVENUE DOWN: Kraft's revenue fell 4 percent to $13.29 billion, weighed by unfavorable currency exchange rates, earlier shipments of Easter treats and a smaller line of products sold in North America. That fell short of analyst expectations of $13.29 billion.

SPINOFF AHEAD: The company is in the midst of splitting its business into two independent companies — an international snacks business and a North American grocery business. It said that it expects to spinoff the grocery business Oct. 1. It also said that it has completed its leadership team for both companies, announcing board members and another management hire.