PepsiCo reported third-quarter results Thursday that beat Wall Street's estimates. But the maker of Lay's chips and Pepsi soda also cut its profit forecast for the year.

The company earned $2.34 a share on an adjusted basis, CNBC reported. Analysts surveyed by LSEG had expected $2.29. Revenue rose 5.6% to $25.27 billion, above the $24.96 billion analysts expected. PepsiCo's own earnings release shows the same figures.

Profit under standard accounting rules was $2.23 a share, up 17% from $1.90 a year earlier, the release said. Organic revenue grew 3.1%. Organic means without currency swings or deals.

Sales outside North America drove the gains. International organic revenue growth sped up to 8%, the company said in prepared remarks for investors.

North America is the weak spot. CEO Ramon Laguarta said the company is "acting with urgency" to improve its results there. The release said more cost cuts will come in the next few months. That money is meant to pay for new products and marketing, and to help offset rising costs.

PepsiCo now expects core earnings per share to grow 2.5% to 3.5% this year, CNBC reported. Before, it pointed to the low end of a 5% to 7% range. It now sees net revenue growing about 6%, the top of its earlier 4% to 6% range.

Chips are a big part of the story. In February, PepsiCo cut suggested store prices by as much as 15% on Lay's, Doritos and other snacks after shoppers pushed back on years of price hikes, Pip Theory noted.

Investors came in cautious. PepsiCo shares were near a 12-month low of $126.42 earlier this week, TipRanks reported.

What we know: PepsiCo beat estimates but lowered its profit outlook for the year.

What we don't: Whether the new cost cuts will be enough to turn around North America.