PepsiCo scraps forecast due to coronavirus crisis

[BENGALURU] PepsiCo reported a rise in first-quarter revenue, but ditched its full-year forecast on Tuesday, citing uncertainty around the globe due to the novel coronavirus pandemic.

The company's net revenue rose 7.7 per cent to US$13.9 billion in the quarter ended March 21, helped by massive advertising campaigns during the Super Bowl.

Net income attributable to the company fell to US$1.34 billion, or 96 cents per share, from US$1.41 billion, or US$1 per share, a year earlier.

PepsiCo had previously forecast full-year organic revenue growth of 4 per cent and an increase in core constant currency earnings per share of 7 per cent.

REUTERS