Third quarter earnings at Coca-Cola (NYSE:KO) came in under expectations which is pushing shares down before the open.

Revenue fell 4% to $8.4 billion. Net income was flat at $2.15 billion. EPS was also flat at $.81.

Sales in Eurasia & Africa, which should be relatively good, were off 9%. Sales in Europe dropped 10%.

“I am pleased to report that we have again delivered solid results this quarter,” said Muhtar Kent, chairman and chief executive officer. No one except the company seemed to buy into that.

Douglas A. McIntyre