PepsiCo's Snack Food Segment Saves the Day
Investors were bracing for bad news in PepsiCo's (NASDAQ: PEP) second-quarter report, which covered the period of the most intense impact so far from the COVID-19 pandemic. Rival Coca-Cola's (NYSE: KO) last earnings announcement described just a sliver of that time frame, and it showed a dramatic drop in beverage sales as consumers ramped up their stay-at-home time.
In its announcement this week, Pepsi did show slumping volumes for drink brands like Gatorade and Pepsi Zero Sugar. Yet soaring results from its snack food business offset nearly all of that decline.
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Source Fool.com
