Adjusted earnings per share of $2.20 missed estimates as U.S. consumers cut spending amid inflation pressures.
PepsiCo posted adjusted earnings of $2.20 per share for the second quarter, below the $2.21 analysts expected. Revenue reached $24.18 billion, slightly above the $23.95 billion consensus, driven by international growth offsetting softness in North America.
Net income rose to $2.98 billion, or $2.18 per share, from $1.26 billion, or 92 cents per share, a year earlier. Organic revenue increased 2.4%, reflecting weaker demand in U.S. food and beverage categories as inflation squeezed consumer budgets.
The company cited moderating performance in its North American divisions, contrasting with stronger international demand. No immediate market reaction was reported.