Upgrade: Coca-Cola Launches Revamped Coke Zero As Earnings Drop

Coca-Cola announced plans Wednesday to launch a revamped “Coke Zero” in the United States as it expands offerings of low-sugar and non-carbonated beverages amid flagging demand for sweet sodas.

The soda, “Coke-Cola Zero Sugar,” which is already on the market in much of Europe and Latin America, will be available in the US starting in August. The launch comes at a time when more cities around the US have enacted, or are weighing, soda taxes.

Coca-Cola announced the plan as it reported a 60 percent drop in second-quarter profits to $1.4 billion and a 16 percent decline in revenues to $9.7 billion. Both were hit by the company’s move to offload bottling assets in North America as it leans away from its traditional soda offerings.

Sales volume grew for three of the four beverage categories: juice, dairy and plant-based beverages; water, enhanced water and sports drinks; and tea and coffee.

But volumes were flat in sparkling drinks.

The results translated into 59 cents per share, a penny above analyst expectations.