PepsiCo Results Miss Forecast

PepsiCo Inc. shares fell as much as 13% after the world’s second-largest soft-drink company said quarterly profit and sales of its Frito-Lay snack foods rose less than forecast.

PepsiCo spent more on incentives to gain shelf space at stores for Frito-Lay snacks as regional chip makers cut prices and introduced new products.

Lower Tropicana juice sales and falling currencies in Argentina and Brazil hurt revenue, the company said.

Sales increased 5.3% to $6.18 billion. Net income rose to $888 million, or 49 cents a share, from $798 million, or 44 cents, a year earlier.

PepsiCo shares dropped $4.10 to $36.20 on the NYSE.