UPDATE: PepsiCo Reports 18% Increase In Q2 Profit

PepsiCo Inc PEP reported an 18% rise in its second-quarter profit. PEP's quarterly profit surged to $1.89 billion, or $1.17 per share, from $1.6 billion, or $0.98 per share, in the year-earlier period. Its core earnings surged to $1.21 per share from $1.10 per share. Its revenue climbed to $16.8 billion from $14.8 billion. However, analysts were expecting earnings of $1.21 per share on revenue of $16.36 billion. PEP shares dropped 1.45% to $67.50 in pre-market trading.