PepsiCo quarterly revenue misses estimates as demand slows for snacks, sodas; shares drop over 3%

Analysts note that while product prices are normalizing after nearly two years of increases, they remain higher than pre-pandemic levels. This leaves packaged-food companies like PepsiCo with limited pricing power as volumes decrease. PepsiCo raised average prices by 5% for the quarter ending June 15, consistent with the first quarter, but overall organic volumes declined by 3% during the period.