PepsiCo’s revenue beat Wall Street estimates but its domestic market faltered with flat sales volume for the quarter ending June 13, with North America’s beverage division seeing a drop in volume by 4%, CNBC reported.
“Results were tempered in the quarter as U.S. food and beverage category performance moderated with consumer budgets tightening due to rising inflationary pressures,” CEO Ramon Laguarta said in a statement.
Internationally, however, demand was up.
Pepsi said its second quarter woes were due in part to oil prices rising and falling dramatically during the Iran war.
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Shares of Pepsi were down more than 4% in morning trading on Thursday.
