Coca-Cola is eager to slash US$3 billion off of its market price due to dwindling sales of soda products. There are also concerns on job layoffs though the Atlanta-based company did not mention details on how it is planning to achieve its 2019 cost cutting goals.

Coca-Cola and Pepsi Co, makers of Sprite, Powerade and Diet Coke, are devising ways to improve financial performances through lower-priced sodas as well as "mini cans" to control proportions in relation to overhead expenses. Both plans are part of Coca-Cola's global supply chain restructuring whose details will be announced early 2015.

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The company recorded 1 percent increase in global sales of non-carbonated beverages but also incurred 1 percent decline in North America. Coca-Cola attributed the slow pace to growing numbers of Americans who are cutting on soda diet; thus prompting executives to introduce more sugar-free products.

Chief Executive Muhtar Kent said in a conference call that weakening economic conditions in Europe and lower consumer spending in United States. Unstable currency performance also contributes to low demands, which brought 14 percent less profit this year. 

Coca-Cola is now searching for other opportunities to encourage demand through partnerships with other beverage makers. In May, Coca-Cola bought 16 percent of Keurig Green Mountain Inc. and another 16.7 percent of stocks from Monster Beverage Corp last August.

The company recognizes that it won't be able to meet its annual earnings per share target after stocks plummet to 6 percent. According to Zacks Investment Research, Coca-Cola has earned US$2 billion or 53 cents per share for one-time items.

Although the numbers are slightly higher than experts' prediction of 52 cents per share profit, Coca-Cola's individual shares fell from US$2.43 to US$40.86 Tuesday morning. Overall revenue is down to US$11.97 billion compared to US$12.12 billion forecast this year.

TagsCoca Cola, Pepsi Co, Coca-Cola products