PepsiCo's revenue down 3.1% in Q2, tops estimates

Monday, 13. July 2020 12:02

PepsiCo Inc. reported on Monday that the company's revenue declined 3.1% in the second quarter of the year, yearly dropping from $16.45 to $15.95 billion, but still came in higher than originally expected.

In the same period, PepsiCo's diluted earnings per share tumbled 18% to $1.18 and operating profit plunged 15%, from $2.73 billion to $2.32 billion. The company's net income also suffered losses, falling almost 19% in the second quarter to $1.66 billion.

"Despite being faced with significant challenges and complexities as a result of the COVID-19 pandemic, our businesses performed relatively well during the quarter," PepsiCo Chairman Ramon Laguarta said, adding that the company hasn't provided the 2020 financial outlook due to the crisis-related uncertainties.

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Breaking the News / ND