- Coca-Cola Co. said it will cut some $3 billion a year in costs through 2019, as the company addresses a drop in soda consumption.
- The news came as Coca-Cola announced that its earnings for the third quarter fell short of analysts' forecasts. The Atlanta-based company also lowered its profit forecast for the rest of the year.
- Coca-Cola reported that net income for the quarter fell to $2.1 billion from $2.4 billion a year earlier.
Coke is clearly in a "reducing" mood these days. The world's largest beverage maker agreed just days ago to help Americans cut calories. And shareholder outrage forced the company to lower the payout in a controversial compensation plan for executives.