Coca-Cola's revenue plunged 28 per cent in the second quarter, but the company said sales had begun to improve last month as lockdowns eased globally.
Half of Coke's sales come from stadiums, movie theatres and other places where people gather in large numbers, venues that have blinked out in the pandemic. April case volumes fell 25 per cent worldwide, the company said. But by June, that decline narrowed to 10 per cent.
Coke reported net income of USD 1.8 billion for the April-June period, down 32 per cent from the same period a year ago. Excluding one-time items, the Atlanta company earned 42 cents per share. That tops Wall Street's per-share expectations by 2 cents, according to analysts polled by FactSet.
Coke's revenue fell to USD 7.2 billion, matching expectations.
