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U.S. stocks traded higher this morning, with the Nasdaq Composite gaining around 0.5% on Tuesday.
PepsiCo (PEP, Financial) released its third-quarter financial results, revealing a 0.6% year-on-year decline in revenue to $23.32 billion, missing the market expectation of $23.76 billion. However, adjusted earnings per share rose by 5% to $2.31, surpassing the expected $2.29.
PepsiCo (PEP) reported declining third-quarter revenue and profit, and again lowered its full-year sales outlook, as the beverage and snack giant said inflation has continued to impact consumer spending.
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PepsiCo (PEP) came out with quarterly earnings of $2.31 per share, beating the Zacks Consensus Estimate of $2.30 per share. This compares to earnings of $2.25 per share a year ago.
Wall Street is gearing up for a firmer start on Tuesday after stocks pulled back sharply in the previous session. The index futures firmed up amid a pullback in the 10-year Treasury note yield and dovish comments issued by a Federal Reserve official.
PepsiCo Inc.'s stock fell 1.1% premarket Tuesday, after the drinks and snacks company's fiscal third-quarter revenue fell short of estimates and it lowered full-year guidance.
Pepsico posted a surprise drop in third-quarter revenue on Tuesday and cut its forecast for annual sales growth, as cautious consumer spending in North America weighs on demand for its sodas and Frito-Lay snacks.
Pepsi's earnings call should provide insight into the health of the consumer.
Last quarter, after sales missed estimates, Pepsi's CEO highlighted a price conscious consumer and hinted at the need for lower prices.