Coca-Cola Faces Revenue Dip Amid Price Hikes and Global Challenges

Coca-Cola reported a 1% revenue decline in the third quarter, despite beating Wall Street expectations. Global sales volumes flattened, with some markets sagging under price hikes. CEO James Quincey emphasized efforts to offer more affordable and premium beverages as the company navigates economic pressures and anticipates inflation impacts.

Coca-Cola Co. announced a 1% decline in third-quarter revenue as global sales volumes stagnated, yet managed to surpass Wall Street's predictions.

Despite achieving an $11.9 billion revenue, higher than the forecasted $11.6 billion, the Atlanta-based beverage giant has raised prices, impacting demand. Unit case volumes dropped 1% for the quarter, though Coca-Cola Zero Sugar sales were up 11%, while juices, dairy, water, sports drinks, and coffee sales declined.

Coke's Chairman and CEO, James Quincey, emphasized the company's focus on making beverages affordable by introducing smaller pack sizes and refillable bottles in certain markets. Although inflation in labor, packaging, and commodity costs is expected next year, he predicts smaller price increases and a rebound in volumes.

(With inputs from agencies.)