PepsiCo beats revenue estimates on increased snacks consumption

PepsiCo Inc beat analysts' estimates for quarterly revenue on Monday, as its snacks business benefited from a surge in at-home consumption of salty snacks such as Fritos and Cheetos during lockdowns triggered by the COVID-19 pandemic.

Net income attributable to the company fell to $1.65 billion, or $1.18 per share, in the second quarter ended June 13, from $2.04 billion, or $1.44 per share, a year earlier.

Net revenue fell to $15.95 billion from $16.45 billion. Analysts had estimated $15.38 billion, according to IBES data from Refinitiv.