Coca-Cola profits fizz as demand holds up despite global price hikes

Coca-Cola faced little or no pushback from consumers despite price increases brought on by the rising cost of raw materials.

Average selling prices increased by 11% for Coca-Cola brands, but revenue rose 4.3% to over $10.9bn (€9.9bn). Picture: Tony Dejak/AP

Coca-Cola's profits and revenue rose in the first three months as demand held up for its soft drinks despite multiple price increases around the world to combat higher commodity and shipping costs.

Average selling prices increased by 11%, the maker of Fanta and Sprite said, while global unit case volumes rose 3%. The shares rose slightly in the session, but are little changed from a year ago.