April 23, 2024 – 6:49 AM PDT
(Reuters) – PepsiCo (PEP.O) beat Wall Street expectations for first-quarter revenue and profit on Tuesday as demand for its sodas and snacks like Cheetos and Doritos in international markets drove growth even as it witnessed a slowdown in the United States.
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Consumers across Europe, Asia Pacific and China shelled out money for PepsiCo’s pricey sodas and chips, while customers in the U.S. cut back on the products due to strained budgets.
“We’ve had three years of … massive consumer inflation and that has to be absorbed and I think the cumulative impact of that put a bit of strain on the consumer. But we expect that to abate as time goes on,” PepsiCo CFO Jamie Caulfield…
