The world's largest beverage maker has relied on higher pricing, smaller pack sizes and premium packaging such as glass and aluminum bottles to boost revenue in developed markets.
Sales in North America rose 3 percent for the third quarter ended Sept. 30.
However, the company's net income attributable to shareholders fell to $1.05 billion, or 24 cents per share, from $1.45 billion, or 33 cents per share, a year earlier.
Excluding items, Coca-Cola earned 49 cents per share.
Net operating revenue fell 7 percent to $10.63 billion, the sixth straight quarter of decline.
Analysts on average had expected adjusted earnings of 48 cents per share on revenue of $10.51 billion, according to Thomson Reuters I/B/E/S.
Coca-Cola also announced six new franchising agreements with bottlers on Wednesday.
Following these deals, the company would have refranchised territories that account for about 65 percent of total U.S. bottler-delivered distribution volume.