Coca-Cola's revenue fell for the fifth straight quarter, and the beverage giant cut its outlook for organic revenue growth. Fred Katayama reports.
Weakness in emerging and developing markets took the fizz out of Coke's earnings. So did the mighty dollar. Coca-Cola's quarterly operating revenue fell more than 5 percent. It marked the fifth straight quarterly decline. While the company performed well in its biggest markets such as the U.S., Mexico and Japan, it suffered in China and Argentina. Products-wise, health conscious consumers prefer non-fizzy drinks. Volume in non-carbonated drinks such as tea and juice grew. But soda volume fell in emerging markets and in North America, where its flagship brand, Coca-Cola, declined. The company's profit rose and beat estimates. But Coca-Cola cut its full year forecast for organic revenue growth, and shares fell in early trading, chipping away at its 4 percent gain this year.