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Atlanta - US soft-drink maker Coca-Cola said Tuesday it would broaden a cost-cutting plan after profits dipped 14% in the third quarter.
Net income fell to $2.1bn, from $2.4bn in the same quarter last year. Revenue barely changed, declining slightly from $12bnto $11.98bn.
Coca-Cola will accelerate its belt-tightening in an effort to reduce annual costs by $3bn, the company said.
"We have taken a hard look at our progress to date and realize that while the strategies we laid out at the beginning of the year are on the right track, the scope and pace of our actions must increase," said chief executive Muhtar Kent.
The multinational company abandoned this year's profit goal, saying it no longer expects to achieve a high single-digit growth rate. It also said fluctuations in foreign currency exchange rates were likely to have a negative impact on its 2015 results.
Coca-cola is struggling with sinking demand for sugary soft drinks in its home market and in Europe. The volume of carbonated beverages fell 1% in the quarter in North America. Volume in still beverages, including bottled water and juices, also was down 1% in the region.
Fluctuating exchange rates have compounded the problem. The company is using strategies, such as its "share a Coke" campaign, to improve its image and look for new sources of income.
Its purchase in August of a 16.7% stake in California energy drink specialist Monster Beverages is an example. Monster is to exclusively serve the energy segment for Coca-Cola.
