Coca-Cola beats quarterly revenue estimates on steady demand

Coca-Cola Co beat Wall Street estimates for quarterly revenue on Monday, as demand for its sodas remained resilient in the face of multiple price increases.

A near domination of the global carbonated drinks market along with rival PepsiCo has helped Coca-Cola to raise prices with little or no pushback from consumers.

Consumer goods companies have raised prices to pass on steep commodity and raw material costs that stemmed from supply-chain snags fueled by the pandemic and aggravated by the Russia-Ukraine conflict.

Read | Ambani adopts familiar playbook in cola battle vs Coke, Pepsi

Average selling prices rose 11 per cent in the first quarter, Coca-Cola said, while unit case volumes rose 3 per cent.

The company said net revenue rose to $10.98 billion from $10.49 billion in the first quarter, compared with analysts' average estimate of $10.80 billion, according to Refinitiv data.

Shares of the company were marginally higher in premarket trading.