The share price of Coca-Cola has fallen after new financial results were released by the firm.
Stocks in the company fell by nearly four per cent yesterday (February 18th), which was the biggest daily drop for the firm in over two years.
Coca-Cola, which is one of the most recognisable companies in the world, revealed that its net income for the fourth quarter fell 8.4 per cent from a year earlier to $1.7 billion (£1 billion), which missed analyst estimates.
Chief executive Muhtar Kent explained that the company is now trying to rebuild momentum in the coming months following the setback of the financial result.
He said: "While we move forward in what remains an uncertain global economy, the long-term fundamentals driving our business and industry have not changed. A rising middle class, greater urbanisation and increasing personal consumption expenditures in markets around the world will continue to drive greater demand for our beverages."
After the 3.75 per cent loss in trading yesterday, stocks rebounded by 0.35 per cent during after-hours trading on the New York Stock Exchange.
Currency fluctuations were cited as one of the main reasons for the fall in Coca-Cola's profits for the quarter, while revenues were negatively affected by the sale of the firm's bottling operations in Brazil and the Philippines last year.
Coca-Cola also revealed in a statement that it is looking to save $1 billion in annual costs by 2016, while the firm will continue to increasingly focus on juices, teas and water, as well as soft drinks, where the company is traditionally strong.
The firm has also become instantly recognisable around the world for its 'Holidays are Coming' advertisement at Christmas, which is screened globally and is credited for Father Christmas being typically pictured in red and white.
Shares in the company ended yesterday's trading session in the US at 37.47, which is significantly down on the firm's 52-week high for its stocks of 43.43.
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