PepsiCo’s revenue rose 7% in the third quarter despite lower demand as the company continued to hike prices.
FILE - Bottles of Diet Pepsi Wild Cherry are displayed at a market in Pittsburgh on Jan. 26, 2023. PepsiCo's revenue rose 7% in the third quarter despite lower demand as the company continued to hike prices. PepsiCo's revenue rose 7% in the third quarter despite lower demand as the company continued to hike prices.
Still, Frito-Lay North America sales volumes dropped 0.5% during the July-September period as net prices rose 8%. North American beverage sales volumes dropped 6% as prices rose 12%.Net pricing includes price hikes as well as changes in the mix of products sold and smaller package sizes. In prepared remarks Tuesday, PepsiCo said consumers are gravitating toward smaller packages for convenience and portion control.
Net income for Pepsi rose 14% to $3.1 billion, or $2.24 per share. That beat the $2.15 per share that analysts had forecast.
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