REUTERS: PepsiCo Inc beat analysts' estimates for quarterly revenue and profit on Monday, helped by a surge in demand for snacks including Fritos and Cheetos during lockdowns triggered by the COVID-19 pandemic.
However, revenue at PepsiCo's North America beverages unit fell 7per cent as restaurants and vending machines remained closed, while sporting events were delayed. Chief Executive Officer Ramon Laguarta signaled an improvement in trends as the quarter progressed due to the easing of restrictions.Overall, net revenue fell about 3per cent to US$15.95 billion, but beat analysts' estimates of US$15.38 billion, according to IBES data from Refinitiv.
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