On October 8, PepsiCo announced its third quarter 2024 financial report.

The report shows that the company's third-quarter net revenue was $23.32 billion (about RMB 164.751 billion), with an organic revenue increase of 1.3%, slightly lower than the market's expectation of $23.8 billion; net profit was $2.945 billion (about RMB 20.807 billion). Meanwhile, the company adjusted its full-year organic revenue growth to low single digits.

PepsiCo CEO Ramon Laguarta said the cumulative impact of inflationary pressures and rising borrowing costs have continued to weigh on consumers' budgets and spending patterns over the past several years. Pepsi will focus on tightly controlling costs to better adapt to the low-growth environment in which it currently finds itself. “Our business remained resilient in the third quarter. We are continuing to invest to stimulate consumer demand and further enhance our competitiveness in the marketplace”, he said.

He attributed the change in the quarter's results to a downturn in North America and disruptions due to heightened geopolitical tensions in some international markets, but said the overall business “remains resilient”. In addition, he revealed on last night's results call that the share of the food business in the Chinese market had risen. In a commentary, Mr Long said that savoury snacks in China, Brazil, India, Australia, South Africa and Pakistan had all stabilized or increased their market share so far this year. He also admitted on the results call that while the food business in China is gaining share, growth has slowed from double digits to single digits, again due to more cautious consumer sentiment.

According to the report, PepsiCo's cumulative revenue for the first three quarters of fiscal year 2024 totaled $64.07 billion (about RMB 452.661 billion), up 0.7% year-on-year, with organic revenue growth of 1.9%; net profit was $8.092 billion (about RMB 57.171 billion), up 3% year-on-year.