PepsiCo's Financial Forecast Fizzles Amid Waning Snack and Beverage Sales

PepsiCo has revised its organic revenue forecast downwards due to subdued performance in the US market. Despite efforts to reduce product prices, weak demand and a quaker oats recall affected sales. The company's revenue remained flat at $23.3 billion, falling short of Wall Street expectations.

PepsiCo, the global beverage and snack giant, has adjusted its revenue forecast for the year as US consumers continue to reduce their purchases of its products amidst rising prices.

The New York-based company now anticipates organic revenue growth to be in the low single digits, a downgrade from its previous expectation of a 4% increase. This change comes after challenging performances, particularly in North America.

The lackluster sales are linked to a significant recall of Quaker Oats products and decreased demand for Frito-Lay snacks. Revenue for the third quarter stood flat at $23.3 billion, below analysts' predictions, resulting in a 1% dip in shares.

(With inputs from agencies.)