Coca-Cola global sales volumes rose less than it expected in the fourth quarter and fell in North America, sending its shares down almost 2 percent in premarket trading.
Coke, like rival PepsiCo, has been battling declining soda sales in developed markets, especially the United States.
The company said global sales volumes rose 1 percent in the quarter. Volumes in North America fell 1 percent, while those in Europe grew just 1 percent as consumer spending remained subdued.
Coke said it expects to save $1 billion through productivity improvements by 2016 and redirect much of this into increased advertising.
(Read more: Pepsi's profit surges)