Coca-Cola Company (NYSE:KO) has announced that it plans to releases Q2 2020 financial and earning results on July 21 before the NYSE opens.
The company has indicated that after the earnings release and investor’s conference call will follow at 0830hrs to discuss the financial results. Investors can join the webcast for the event at www.coca-colacompany.com/investors.
Coca Cola to pause ads on social media platforms
On Friday, the company announced that it will pause advertising on social media for the next 30 days as calls to boycott advertising on Facebook grow. The soda giant indicated that it will halt advertising on social media as from July 1 for 30 days but indicated that it is not joining the boycott but rather stopping advertising for the time being.
Chairman and CEO James Quincey stated that racism has no place in the world, and that should also apply to social media. Quincey said that the company will halt paid advertising on social media worldwide for the next 30 days. This will allow the company to reassess its advertising policies to come up with any revisions that might be necessary. The CEO added that they expect enhanced transparency and accountability from their social media partners.
Several companies join the Facebook boycott
The move comes following growing calls from various civil rights groups such as the NAACP and the Anti-Defamation for a boycott of Facebook and Instagram under the “Stop Hate For Profit Campaign.” Some big names such as Verizon Communications, Unilever, Patagonia, the North Face, and Lending Club have announced that they will be boycotting Facebook as from July until the social media giant addresses misinformation and hate speech on its sites.
Interestingly, Coca Cola is not pausing ads on Facebook and Instagram only but also extends the ban to all social media platforms like YouTube, Twitter, and other platforms. Companies have been accusing Facebook of not doing enough to manage divisive and violent speech on its platforms. This is despite the social media giant, repeatedly indicating that it will take action.