Coca-Cola Trends Positively after Dismal Q2 Results
Source Market Realist
COVID-19 significantly hurt Coca-Cola's (NYSE:KO) second-quarter results, which it reported yesterday. In the quarter, the beverage giant's revenue fell 28.5% YoY (year-over-year) to $7.15 billion, missing Wall Street's expectation of $7.18 billion. The revenue decline reflected restaurant closures and the loss of sales from other away-from-home consumption events. Coca-Cola generally derives about 50% of its revenue from away-from-home channels. Excluding the impact of currency fluctuations and acquisitions and divestitures, the company's organic revenue fell 26%.