PepsiCo reported first-quarter results on April 17. Revenue rose 8.5% during the quarter. Total revenue reached $19.44 billion, exceeding analyst expectations. Adjusted earnings hit $1.61 per share to beat consensus estimates.
The company cut prices by up to 15% on Lay's and Doritos before the Super Bowl. These price adjustments triggered the first volume increase for the North America foods division in at least one year.
CEO Ramon Laguarta stated these affordability initiatives regained customers who previously sought cheaper alternatives. JPMorgan Chase & Co. raised its price target for PepsiCo stock to $178.00.