Coca-Cola’s investment in the World Cup didn’t exactly pay off

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The numbers: Disappointing. The Coca-Cola Company reported second-quarter profits of $2.6 billion, down 3% from the same period last year. Revenues fell 1.4% to $12.6 billion, short of expectations. The stock slipped after results.

The takeaway: The soda business still looks relatively flat. In North America, carbonated drink sales remained level, though non-carbonated beverages rose by 1%. Diet Coke was especially soft, as a long-term downtrend for diet drinks continued. Coca-Cola’s juice drinks didn’t sell as well as usual, the company says, because of price hikes driven by higher commodity costs.

What’s interesting: Sales volumes grew by 3% during the quarter, but at a price. Coke spent a lot on its marketing efforts for the FIFA World Cup—perhaps too much, since it blamed increased marketing costs for dampening sales gains elsewhere.