Quarterly results released Wednesday showed the soft drink giant still had to cut costs aggressively during the October to December quarter to offset negative financial impacts caused by the health crisis.

A third of its revenues come from non retail channels such as restaurants, movie theaters and sporting events, which were either closed or opened with dramatically reduced capacity.

Coca Cola expects that to change in the coming year as more people get vaccinated.

Revenues last quarter dropped five percent, which was a slightly bigger drop than anticipated.

To counter the softness in the market, the software giant has been busy trimming brands that have not been selling well.

It is also shifting more focused, too popular drinks such a sparkling waters and zero sugar sodas.

Coca Cola is also undergoing a major restructuring that includes the loss of thousands of jobs.