PepsiCo revenue falls 3% as pandemic hits beverage sales
Pepsi soft drinks are displayed at a convenience store in San Francisco, California.
Justin Sullivan | Getty Images
PepsiCo on Monday reported that its quarterly revenue fell as fewer consumers bought its drinks at restaurants or convenience stores amid the coronavirus pandemic.
The company did report growth for its food items, such as Cheetos and oatmeal, in the quarter.
Shares of the company rose 1.8% 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: $1.32, adjusted, vs. $1.25 expected
- Revenue: $15.95 billion vs. $15.38 billion expected
Pepsi reported fiscal second-quarter net income of $1.65 billion, or $1.18 per share, down from $2.04 billion, or $1.44 per share, a year earlier.
Excluding items, the company earned $1.32 per share, beating the $1.25 per share expected by analysts surveyed by Refinitiv.
Net sales dropped 3.1% to $15.95 billion, topping expectations of $15.38 billion.
