In the latest quarterly report, Coca-Cola revealed a 3% decrease in revenue in North America, attributed to declining demand for bottled water, sports drinks, coffee, and tea. While Coca-Cola’s global quarterly revenue saw an uptick, the company’s outlook for 2024 predicts higher organic sales growth compared to its rival, PepsiCo. Shares declineDespite this positive forecast, Coca-Cola’s shares faced a modest decline of approximately 1% during afternoon trading. The contrasting performance between Coca-Cola and PepsiCo reflects shifting consumer behaviors, with PepsiCo recently reporting an unexpected revenue drop in its North American snacks and soda businesses. Notably, Coca-Cola had previously indicated a shift in consumer spending patterns, with lower-income consumers reducing purchases of drinks for home consumption.
