Pepsi (PEP) reported results on Thursday that topped analyst estimates. The beverage giant posted earnings of $0.83 per share. Revenue was down 3% on last year's numbers, coming in at $12.22 billion. The drop was mainly due to the effects of the strong dollar. The company saw increased demand for its Frito Lay snacks and soda beverages in North America but sluggish product demand continued in Europe. Pepsi will start its league sponsorship of the NBA next season, taking over from Coca Cola (KO). The deal will allow Pepsi to promote its Mountain Dew soft drink along with its Doritos, Ruffles and Aquafina brands. The company said it expects the strong dollar to impact full year revenue and earnings results.