By Allison Prang 

Coca-Cola Co.'s revenue declined in the third quarter as the company continued to see pressure from its sales to restaurants, bars, movie theaters and other public venues.

Net operating revenues fell 9% year over year to $8.65 billion. They were more than analysts' consensus, according to FactSet, of $8.36 billion. Organic revenue also declined.

The company said the drop in revenue was "driven by ongoing pressure in away-from-home channels partially offset by sustained growth in at-home channels."

The soda company said profit for the third quarter was $1.74 billion, or 40 cents a share. A year earlier, net income was $2.59 billion, or 60 cents a share. The company logged adjusted earnings of 55 cents a share.

The beverage company in August said it planned to lay off staff. Coca-Cola is also scaling back the number of brands it offers.

Write to Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

October 22, 2020 07:53 ET (11:53 GMT)

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