Pepsico lowers its fiscal 2024 sales growth forecast to low single digits from 4%. Q3 net revenue was $23.32 billion, below analysts' expectations.
Pepsico posted a surprise drop in third-quarter revenue and cut its forecast for annual organic sales growth on Tuesday, as cautious consumer spending in North America weighs on demand for its sodas and Frito-Lay snacks.
The packaged food giant expects fiscal 2024 organic sales to grow in a low single-digit range. It had previously forecast a 4% rise.
Net revenue came in at $23.32 billion in the quarter ended Sept. 7 from $23.45 billion last year.
Analysts estimated a 1.3% jump in revenue to $23.76 billion, according to data compiled by LSEG.