Coca-Cola makes half its income by selling its soft drinks in public places.
Tristan Fewings / Getty Images
Coca-Cola reported Thursday that its quarterly revenue exceeded sales expectations due to the reopening of cinemas and restaurants that were closed since the start of the coronavirus pandemic.
The company earned 9 cents more than expectedor. Net income from $ 8.7 billion raised during the third quarter beat analyst estimates they had forecast $ 8.36 billion. Demand for your flagship brand Coke Y Coca-Cola Zero Sugar increased during the pandemic.
The company earns about half of its revenue selling their sodas in public places and the closure of businesses, stadiums and cinemas forced the company to offer voluntary job cuts to about 4,000 workers in the United States.
During the pandemic, the company reported that consumers bought more sodas and juices at grocery stores and through online services.
“The effects of the coronavirus may last at least a couple of quarters, but we are seeing better progress than expected,” said John Boylan, an analyst at Edward Jones, as reported by Reuters.
The so-called organic sales, which exclude the impact of the new acquisitions of the firm, decreased 6 percent from July to September but they improved from the 26 percent drop they recorded during the second quarter.
Net earnings attributed to shareholders fell $ 1.74 billion, or about 40 cents a share, compared to 60 cents or $ 2.59 billion in the same period but last year.
Related: Coca-Cola fights to end “zombie brands” that do not report profits.
Just a few days ago the company reported that will cut the number of brands in half, near 200 products will be phased out among them coconut water ZICO Y TaB, the first diet drink, as a strategy to focus on the most popular products.
PepsiCo Inc., the company’s rival, was also able to survive the pandemic thanks to the sales of snacks and beverages that were sold in convenience stores and at gas stations.
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