Coca-Cola revenue falls about 29% as lockdowns crimp soda sales

(Reuters) – Coca-Cola Co reported a 28.5% drop in quarterly revenue on Tuesday as sales of its trademark sodas were battered by the closure of restaurants, theaters, and sporting venues due to the COVID-19 pandemic.

The Atlanta-based company reported net revenue of $7.15 billion for the second quarter ended June 26.

Net income attributable to the beverage maker’s shareholders fell to $1.78 billion, or 41 cents per share, from $2.61 billion or 61 cents per share, a year earlier.

(Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila)