2016.10.2622:43:00UTC+00Coke’s Global Quarterly Revenues Fizzle Out

Coca-Cola's global revenues slumped 7% to $10.63 billion during the third quarter of the fiscal year, recording its sixth consecutive quarter of decline as demand for their products continues to weaken. Net profit also dropped 28% to $1.05 billion or 24 cents per share in the three months to September. The company reported adjusted earnings of 48 cents per share.

The Atlanta-based company posted revenue and profits that were marginally higher than analysts forecasts, sending its shares up by almost 1% to $42.88. Analysts expected 48 center per-share earnings on a $10.51 billion revenue.

The company reported sales in Latin America and Europe, Middle East and Africa regions both posted a drop of 4% in sales. Total sales in North America climbed 3% to $2.66 billion as volume sales of carbonated beverages including Fanta, Sprite and Coca-Cola Zero rose, while Diet Coke sales declined. Meanwhile, sales in Asia grew 3%.

Coca-Cola maintained its 2016 profit forecast and also announced six new franchising deals with bottlers as the company aims to refranchise its North American territories by late 2017.