Pepsico's reported revenue fell by 2.9 per cent in its first quarter, but its earnings beat analysts' expectations.
In the quarter to 19 March, the Pepsi, Tropicana and Quaker porridge maker reported net income attributable to the firm of $931m (£657m), down from $1.22bn in the same period last year.
Its net revenue was $11.86bn, down from $12.22bn in the 2015 period.
Its earnings per share (EPS) for the period this year was $0.64, down from $0.81.
Reported revenue in Latin America fell 26 per cent to $1.04bn and in Europe and Sub-Saharan Africa by nine per cent to $1.36bn.
Why it's interesting
The latest quarter included an impairment charge of $373m relating to the company's interest in Tingyi-Asahi Beverages Holding.
Pepsico said that, excluding items, its revenue grew 3.5 per cent on an organic basis and its EPS was $0.89, which is ahead of analyst estimates of $0.81, according to data compiled by Bloomberg.
Pepsico's share price was up by around 0.5 per cent to $103.73 in after-hours trading following the results.
What the company said
Chairman and chief executive Indra Nooyi:
We delivered strong first quarter operating results driven by balanced execution of our commercial agenda and productivity programs. Our marketing initiatives and new product launches are generating solid organic top line growth, and our focus on driving greater efficiency throughout our operations contributed significantly to attractive core gross margin expansion. We are off to a strong start to the year and that gives us added confidence in achieving our financial objectives for 2016.