PepsiCo scraps forecast due to coronavirus crisis

(Reuters) – PepsiCo Inc 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% to $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 $1.34 billion, or 96 cents per share, from $1.41 billion, or $1 per share, a year earlier.

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

(Reporting by Uday Sampath in Bengaluru; Editing by Tomasz Janowski)