With stadiums, theaters closed, Coke 2Q revenue plunges 28%

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Photo credit Store manager Donny Price restocks cans of Coke on the shelves at Gerrity's in Hanover Township, Pa., Tuesday, July 14, 2020. Area shoppers are encountering challenges getting certain soda and beer brands because of a national aluminum can shortage. Coca-Cola, for example, isn't producing 12-packs of cans of its Minute Maid Light Lemonade so it can meet the high demand of its more popular brands like Coca-Cola and Sprite as more people have been buying canned beverages during the COVID-19 pandemic. (Mark Moran/The Citizens' Voice via 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 theaters 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%.

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.

Coke shares rose 2% before the opening bell Tuesday.