They cut advertising by 40% and lost a boatload of market share https://www.forbes.com/sites/avidan/2019/03/06/the-kraft-hei...
Its probably impossibly to conclude with any confidence that the results were simply due to cuts to the ad budget, cuts to the budget and cuts to operations, or simply cuts to operations. Ads are also not commodities. An ads effectiveness is also not the result of pure spend, cheap ads can be very effective and expensive ones can also not be effective and vice versa.