PepsiCo reported better-than-expected revenue in the third quarter despite weaker demand for its snacks and drinks in North America.

Revenue rose 2.6% to $23.94 billion in the July-September period. That was better than the $23.84 billion Wall Street was expecting, according to analysts polled by FactSet.

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In North America, PepsiCo said sales volumes for its Frito-Lay snacks and other foods fell 2% in the quarter while sales volumes for its beverages were down 3%. Sales volumes were higher in Latin America and Asia.

Net income fell 11% to $2.6 billion. Adjusted for one-time items, the company earned $2.29 per share. That also beat analysts’ forecasts of $2.26.

The company, based in Purchase, New York, said Thursday that its feeling some pressure from Elliott Investm

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