Coca-Cola reported shrinkage in both revenue and profits for 2020's fourth quarter, with a global sales volume of 3 percent year over year.

Sales lost at shuttered eateries and bars outweighed gains in sales from consumers drinking sodas at home, the company said.

The company has weathered the pandemic by shedding more than 200 minor brands and announced in December that it would trim 2,200 employees from its 86,000-strong global workforce.

In a statement reporting financial results, Coke also acknowledged that it faces a potential $12-billion charge by the U.S. Internal Revenue Service, which alleges that the company attributed too much of its profit to foreign operations instead of to its U.S. business, where profits are taxed at a higher rate.

TREND FORECAST: With more of the world addicted to junk food and junk drinks, while there will be ups and downs in the sector, the Coca-Cola future will perk up again as economies open up and the hospitality and restaurant sectors spring back.

  1. Paul Sacco 2 weeks ago

    Over in my neck of the woods more diners and pizzerias and some restaurants serve pepsi but not Coke. I don’t know if Pepsi has better sales people or offers better deals, but I would think that would be at least part of the reason for those dismal numbers.

  2. Buck Fiden 2 weeks ago

    I am going to start “acting less White” by not purchasing anything made by Coke. What would be said if Coke asked Black people not to be so Black?

  3. Gregory Burgess 2 weeks ago

    Buck, now we know why they make vanilla coke

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