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Coca-Cola is expected to report its second-quarter earnings before Tuesday’s bell.
This is what Wall Street expects, based on an analyst survey by Refinitiv:
- Earnings per share: 40 cents expected
- Revenue: $ 7.18 billion expected
The coronavirus pandemic has weighed on both supply and demand for Coca-Cola products. About half of the company’s revenue generally comes from consumers who drink at home. To keep up with changing demand for restaurants at home occasions, the company has focused production on its most popular beverages.
Although not directly related to the pandemic, Coca-Cola recently said it is discontinuing its Odwalla juice and smoothie products amid slowing sales and an increased need for efficiency.
CEO James Quincey told CNBC in May that the company was still seeing negative volumes, although demand has recovered since it fell 25% in April. The Atlanta-based company withdrew its outlook for 2020 in mid-March, as countries around the world closed restaurants, universities, and offices to curb the spread of the virus.
Coca-Cola announced in late June that it would pause all advertising on social media for 30 days. The beverage giant did not officially join the July boycott of Facebook advertising, which was intended to pressure the social media company to crack down on hate speech and disinformation.
Coca-Cola shares have fallen 16% so far this year. The stock has a market value of $ 198 billion.
This story is unfolding. Please check for updates.
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