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International News and Market Update.

International News and Market Update

Pepsi profit beats estimates despite higher supply chain costs

PepsiCo on Tuesday raised its full-year guidance after its latest quarterly results and revenue beat analysts’ expectations despite higher costs and supply chain bottlenecks. Net income for the quarter ended Sept. 4 was $2.22 billion, or $1.60 per share. That’s down from $2.29 billion, or $1.65 per share, a year earlier. Excluding items, the food and beverage giant earned $1.79 per share, beating expectations of $1.73 per share from analysts polled by Refinitiv. Net sales rose 11.6% to $20.19 billion, beating expectations of $19.39 billion.

Volvo says shift to electric cars is the reason for its $2.9 billion IPO

The CEO of Volvo Cars has told CNBC that the automaker’s shift to electric vehicles is the reason behind its planned IPO on Nasdaq Stockholm. The company is looking to raise 25 billion Swedish kronor, or $2.9 billion, through the IPO, which will be one of the largest in Europe this year. “We have very strong investor interest in investing in EV companies and that is growing all the time,” he said.

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