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Markets News

PepsiCo forecasts annual profit above expectations

Oct 1 (Reuters) - PepsiCo Inc forecast full-year profit above market expectations on Thursday, as consumers buy more of its snacks such as Doritos and Cheetos while staying indoors due to the COVID-19 pandemic.

The company said net revenue rose to $18.09 billion from $17.19 billion in the third quarter ended Sept. 5. Analysts had expected revenue of $17.23 billion, according to IBES data from Refinitiv.

It forecast full-year core earnings of $5.50 per share, above expectations of $5.36. (Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)

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