PepsiCo is confident that new products like protein-infused Starbucks coffee and all-natural Doritos will boost sales. The company is cutting underperforming items and investing in innovation to capture growing market segments. PepsiCo’s North American beverage revenue rose 2% in the third quarter, with total revenue increasing to $23.94 billion.

Despite a 11% drop in net income, PepsiCo exceeded Wall Street expectations with adjusted earnings of $2.29 per share. The company’s shares rose nearly 3% in afternoon trading following the positive earnings report. PepsiCo also named Walmart executive Steve Schmitt as its new CFO, replacing Jamie Caulfield who plans to retire after 30 years.

Activist investor Elliott Investment Management, with a $4 billion stake in PepsiCo, is pressuring the company to slim down its portfolio and reinvest in core brands. PepsiCo CEO Ramon Laguarta stated that discussions with Elliott have been constructive, with a focus on unlocking value and adapting to future demands, including increased online sales and delivery.

Read more at Yahoo Finance: PepsiCo, fresh off a strong third quarter, says new products will soon boost customer demand