Mondelez Q1 sales beat analysts estimates due to high demand for its biscuits, chocolates

Mondelez International Inc's first-quarter revenue surged to $7.24 billion from $6.71 billion a year ago, beating Wall Street analysts’ average estimate of $7.02 billion, according to IBES data from Refinitiv.

The increase in revenue was attributed to the higher demand for its biscuits and chocolates in Asia and Europe.

Sales of food and snacks soared during the pandemic as consumers sought comfort in familiar brands.

Mondelez's net revenue from the North American market rose 4.3 percent to $1.98 billion, while its revenue from Europe grew 10.2 percent to $2.85 billion.

Quarterly net earnings attributable to the company soared to $961 million, or 68 cents per share from $736 million, or 51 cents per share, last year.