Why Investors Soured on Coca-Cola Stock Today
Like a can of soda going flat, there was little fizz in Coca-Cola (NYSE: KO) stock on Wednesday. Investors traded out of it on news of third-quarter results, sending the share price down to close in excess of 2%. Even the lethargic S 500 index did better, closing barely over 1% below Tuesday's level.
In the quarter, Coca-Cola booked net revenue of $11.9 billion, which was 1% down from the same period of 2023. By contrast, non-GAAP (generally accepted accounting principles) adjusted net income saw a rise of 4% to over $3.3 billion. On a per-share basis, the latter metric tallied $0.77.
Both headline numbers were slightly above the consensus analyst estimates. These predicted $11.6 billion for revenue, and an adjusted, per-share net income figure of $0.74, according to data compiled by Yahoo! Finance.
Source Fool.com
