PepsiCo withdrew annual forecast due to coronavirus

US, WASHINGTON (ORDO NEWS) — PepsiCo Inc reported Tuesday revenue growth in the first quarter, but withdrew its annual forecast, citing global uncertainty due to the coronavirus pandemic.

The company’s net revenue grew 7.7% to $ 13.9 billion in the quarter ended March 21, thanks to large-scale advertising campaigns during the Super Bowl.

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

Prior to this, PepsiCo predicted an annual increase in organic revenue of 4% and an increase in basic earnings per share excluding currency fluctuations of 7%.

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