PepsiCo, the drink and snack maker, reported a big jump in quarterly profit on Thursday, despite signs that customers are buying fewer cans of soda and bags of chips as the company continues to raise prices aggressively.
The maker of Gatorade, Lay’s and Quaker Oats also raised its forecast for earnings in the rest of the year, pushing its stock higher.
The company reported 10 percent growth in revenue, to $22.3 billion, and nearly doubled its profit since the same time last year, to $2.7 billion, in its second quarter, which ended June 17.
PepsiCo said it expected revenue to grow 10 percent for the full year, up from its previous forecast of 8 percent.
The quarterly results exceeded analysts’ already optimistic expectations, and the gains come as consumers wrestle with higher prices while policymakers weigh their next move in their efforts to tame inflation.
Persons:
Quaker Oats, ’
Organizations:
PepsiCo, Gatorade, Lay’s, Quaker