Shares of PepsiCo rose in premarket trading immediately following the announcement. (Get the latest quote here.)
The food and beverage company posted third-quarter earnings of $1.35 per share, compared with $1.36 a share in the year-earlier period.
PepsiCo said on Tuesday that it took a charge of $1.4 billion, or 92 cents per share, as it changed its accounting for Venezuela operations.
Net revenue fell 5.2 percent to $16.33 billion, the fourth straight quarter of decline.
Analysts expected the food and beverage giant to post earnings per share of $1.26 on revenue of $16.15 billion, according to a Thomson Reuters consensus estimate.
PepsiCo 's shares have outperformed rival soda company Coca-Cola 's in the last year, rising about 11 percent in that time while Coke's stock has fallen nearly 3 percent, according to FactSet.
—Reuters contributed to this report.