A customer holds a can of Pepsi beverage at a shopping mall on March 9, 2022 in Shaoxing, Zhejiang Province of China.
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PepsiCo on Tuesday raised its revenue outlook for the year as consumers snacked on more Doritos chips and drank more Gatorade in its latest quarter even as prices increased.
Shares of the company rose less than 1% in premarket trading.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:
- Earnings per share: $1.86 adjusted vs. $1.74 expected
- Revenue: $20.23 billion vs. $19.51 billion expected
Pepsi reported second-quarter net income attributable to the company of $1.43 billion, or $1.03 per share, down from $2.36 billion, or $1.70 per share, a year earlier.
While higher costs weighed on its profits, the food and beverage giant saw a larger hit from the Russia-Ukraine war. It reported a…