PepsiCo hikes prices for 7th straight quarter and profits rise 14%

Net revenue was $23.4 billion, the company said Tuesday

PepsiCo’s revenue rose 7% in the third quarter despite lower demand as the company continued to hike prices.

Pepsi raised prices 11% in the July-September period, the seventh straight quarter that the Purchase, New York, company has implemented double-digit price hikes. Sales volumes fell 2.5%.

Net revenue was $23.4 billion, the company said Tuesday. That was in line with Wall Street's expectations, according to analysts polled by FactSet.

Net income for Pepsi rose 14% to $3.1 billion, or $2.24 per share. That beat the $2.15 per share that analysts had forecast.

Pepsi now expects its full-year earnings per share to increase 13%, up from previous projections of 12%, due to the strength of its sales and cost-cutting efforts.