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Coca-Cola earnings hit by virus halt to sports, entertainment events

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Net income came in at US$1.8 bil, down 32%, behind a 28% decline in sales. FMTNews CocaCola

NEW YORK: Coca-Cola reported a steep drop in second-quarter profits Tuesday due to a big decline in away-from-home consumption, especially at the height of the coronavirus lockdowns.

Like many other large companies, Coca-Cola withdrew its annual forecast this spring amid the upheaval of the Covid-19 shutdowns.

 

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