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.

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.

PepsiCo said earlier this year that inflation and changing consumer preferences have weakened demand for the company’s drinks and snacks. The company has been trying to combat perceptions that its products are too expensive by expanding distribution of value brands like Chest

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