Coca-Cola's sales fell for the fourth straight quarter as demand for its fizzy drinks declined in Europe and a strong dollar eroded the value of sales in markets outside the United States, including Latin America.
Shares of the maker of Sprite soda and Minute Maid juices fell about 1.5 percent in premarket trading on Wednesday.
Coke and rival PepsiCo have been hurt as consumers increasingly turn health-conscious, cutting back on fizzy drinks and turning to teas, fruit juices and smoothies.
The rise in the dollar has also hit the companies, which have a sizable presence in markets outside the United States, including China, Europe, and Brazil.
"Eurasia and Africa were a bit disappointing; Latin America was a bit disappointing, particularly Brazil," Mark Swartzberg, Stifel Nicolaus beverage analyst, told CNBC's "Squawk Box" on Wednesday. "So if you say 'emerging markets' and you say 'Coke,' you saw a little bit of a disappointing performance there."
The average value of the dollar rose 2.6 percent in the first quarter from a year earlier. The U.S. currency had risen 18 percent in the first three months of 2015.