PepsiCo forecast annual profit below expectations and missed quarterly revenue estimates on Tuesday, as the Doritos maker battles weakening demand for its sodas and snacks such as Lay's in the United States,

PepsiCo’s revenue fell slightly in the fourth quarter as North American consumers continued to pull back on its Frito-Lay snacks and drinks.

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PepsiCo's earnings topped Wall Street's estimates, but the company's revenue missed expectations, as drink and snack demand fell in North America.

The food and beverage giant posted revenue of $27.78 billion between October and December, falling short of Wall Street's expectations.