Coca-Cola profits lose fizz but narrowly beat expectations

US beverage behemoth Coca-Cola saw its profits and revenue leak lower during its third fiscal quarter earnings report on Wednesday, but it still narrowly beat analyst estimates.

The drinks company reported a 7% fall in revenue, as high levels of inflation in Latin American markets had a negative effect.

Coca-Cola reported net income of $1.05bn for the quarter, or 24 cents per share, down from the corresponding quarter in 2015, in which it recorded $1.4bn, or 33 cents per share.

It was hit by its sixth straight quarter of declines in net operating revenue, falling to $10.63bn from $11.43bn last year.

Chairman and CEO Muhtar Kent played down the figures however, and pointed to strength in developed markets.

"We continued to see solid revenue results in our developed markets with 2 percent unit case volume growth and a continued focus on price realization," Kent said in a statement.

"The United States, Japan and Western Europe delivered standout performance underpinned by innovation and world-class marketing."