PepsiCo Inc. trimmed its revenue outlook for the year as cash-strapped consumers, boycotts in the Middle East and a major recall hit volumes of its food and beverages.

PepsiCo reported declining third-quarter revenue and profit, and again lowered its full-year sales outlook, as the beverage and snack giant said inflation has continued to impact consumer spending.

Pepsico posted a surprise drop in third-quarter revenue on Tuesday and cut its forecast for annual sales growth, as cautious consumer spending in North America weighs on demand for its sodas and Frito-Lay snacks.