PepsiCo beats earnings estimates, raises full-year outlook even as higher prices hurt demand
Publishing timestamp: 2023-07-13 08:57:28
Summary
PepsiCo reported second-quarter earnings and revenue that exceeded analysts' expectations. Despite a decline in demand for its products, the company raised its full-year outlook. PepsiCo's shares rose more than 2% in premarket trading. The company's organic revenue grew by 13% in the quarter, but volume fell due to higher prices. PepsiCo's CEO mentioned that consumers are looking for better deals and shopping at dollar stores and club retailers. However, the company's volume hasn't fallen as much as expected, likely due to low global unemployment. PepsiCo plans to return to its usual pricing strategy for the rest of the year.
Sentiment: MIXED
Tickers: PEP,
Keywords: breaking news: earnings, breaking news: business, business news, food and drink, earnings, restaurants, dividends, breaking news: markets, markets, business, pepsico inc., ramon laguarta, retail industry,
Source: https://www.cnbc.com/2023/07/13/pepsico-pep-q2-2023-earnings.html