PepsiCo's revenue fell slightly in the fourth quarter as North American consumers continued to pull back on purchases of Frito-Lay snacks and drinks. The Purchase, New York, company reported revenue of $27.

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

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