World News | With Stadiums, Theatres Closed, Coke 2Q Revenue Plunges 28%

New York, Jul 21 (AP) Coca-Cola's revenue plunged 28% in the second quarter, but the company said sales had begun to improve last month as lockdowns eased globally.

Half of Coke's sales come from stadiums, movie theatres and other places where people gather in large numbers, venues that have blinked out in the pandemic. April case volumes fell 25% worldwide, the company said. But by June, that decline narrowed to 10%.

Also Read | India's Two COVID-19 Vaccines Are in Phase 1 and 2 of Trials, Says NITI Aayog: Live News Breaking and Coronavirus Updates on July 21, 2020.

Coke reported net income of $1.8 billion for the April-June period, down 32% from the same period a year ago. Excluding one-time items, the Atlanta company earned 42 cents per share. That tops Wall Street's per-share expectations by 2 cents, according to analysts polled by FactSet.

Coke's revenue fell to $7.2 billion, matching expectations.

Also Read | UK Intelligence Committee Report Says 'Difficult, Not Impossible' to Prove Russia's Meddling in 2016 Brexit Referendum.

Coke shares rose 2% before the opening bell Tuesday. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)