PepsiCo missed expectations for second-quarter revenue Thursday as it faced weak demand for its snacks and sodas mainly in the U.S., its largest market. Inflation-weary U.S. consumers have cut back spending on sodas and salty snacks, prompting PepsiCo to double down on promotions and marketing efforts to bolster volume growth, which has fallen in the last few quarters due to price increases.

Customers are also opting for smaller packs and cheaper alternatives after packaged-food companies raised prices to cover rising production and raw material costs.

PepsiCo's average prices jumped 5% for the quarter ended June 15, while organic volume slipped 3%.

The company's net revenue rose to $22.50 billion in the quarter from $22.32 billion a year earlier, while analysts had estimated $22.57 billion, according to LSEG data.