Pepsi posts dip in profits

PepsiCo Inc. reported fiscal first-quarter net income of $1.34 billion, a drop from $1.4 billion a year earlier.

Revenue increased to $13.9 billion from $12.9 billion in the same quarter of 2019.

"Despite a strong first quarter, there is still a great deal of uncertainty that exists in relation to COVID-19, including how geographies, retail channels and consumer behaviors will evolve over time," company officials said in a statement. "Due to this uncertainty, the company's previous financial outlook regarding fiscal year 2020 is no longer applicable."

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