Pepsi Earnings Reveal Shoppers Less Willing to Spend on Snacks. The Stock Is Down.
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PepsiCo stock fell Tuesday after reporting disappointing third-quarter revenue and cutting its growth forecast, as the beverage and snacks giant attempts to navigate a weaker consumer spending environment. Pepsi posted core earnings per share of $2.31, slightly above the $2.29 analysts had expected, according to FactSet. The profit beat was offset by a miss in revenue which came in at $23.3 billion, below expectations of $23.9 billion.