(Reuters) – PepsiCo fell short of Wall Street estimates for fourth-revenue as the soda and snacks giant’s multiple price hikes crimped demand for its juices and Lay’s crisps.
The company’s net revenue fell to $27.85 billion in the quarter from $28 billion a year earlier, while analysts on average had estimated $28.40 billion, according to LSEG data.
PepsiCo and other retailers are now facing some resistance to the multiple price hikes undertaken since the pandemic to fend off higher costs caused by supply chain disruptions.
The company expects fiscal 2024 core earnings per share of $8.15, compared to analysts’ expectations of $8.14.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Sriraj Kalluvila)
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