Coca-Cola Sales Disappoint Investors
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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