PepsiCo (NYSE:PEP) announced quarterly earnings were higher than expected, even though revenue was lower. The company earned $1.9 billion, or $1.21 per share, down from $2 billion, or $1.25 per share, in the same period last year. Excluding items, profit was $1.20 per share, beating estimates of $1.16 per share. Revenue dropped by 5 percent to $16.65 billion, below estimates of $16.9 billion.
Shares are slightly lower in early trading.
Just yesterday, rival Coca-Cola (NYSE:KO) announced weaker than expected revenue, due to declines in the Pacific region and Europe.
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