PepsiCo second quarter profits jump, but demand continues to slip with prices higher

AP Business Writer

PepsiCo reported higher-than-expected earnings in the second quarter even as customer demand for its snacks and drinks continued to slip. PepsiCo said North American demand for its Frito-Lay snacks was “subdued” during the quarter as customers become more value-conscious. The company plans to amp up deals and advertising in the second half of this year. PepsiCo said its net income rose 12% to $3 billion, or $2.28 per share, for the April-June period. That beat Wall Street’s forecast. PepsiCo said its revenue grew less than 1% to $22.5 billion, which was slightly lower than analysts forecast.