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22.07.2020

Coca-Cola Sales Disappoint Investors

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The company says the biggest challenges of the pandemic are behind it, despite the current surge in coronavirus cases in many parts of the U.S.

Stocks impacted: Coca-Cola (KO)

Coca-Cola revenue fell 28% to $7.15 billion for the quarter ended June 26, down from $10 billion a year earlier. Organic revenue, which excludes the effects of currency swings, acquisitions and divestitures, dropped 26%. Rival PepsiCo Inc. last week posted flat revenue for the latest quarter, which ended June 13, as increased demand for its snacks and packaged foods largely offset a decline in beverage sales. Some U.S. states have reported a rising number of Covid-19 cases, prompting some states to take steps to try to curb the pathogen's spread. For example, California has banned indoor dining and movie theaters in much of the state. Coca-Cola earlier this month said it was closing its Odwalla juice and smoothie business, as well as its refrigerated-truck delivery network.

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