PepsiCo reported a 43% drop in fourth-quarter profit Friday, but it met analysts' expectations. In North America, revenue for the company's Frito-Lay unit rose 7% while volume was down less than 1%.
In beverages, volume was off 6% on a 10% decline in revenue and a 16% drop in core operating profit. PepsiCo cut about 3,300 jobs worldwide as a cost-saving measure during the quarter, leading to a
pre-tax charge of $543 million.
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