Coca-Cola (KO) held onto its momentum to deliver another bubbly quarter on Tuesday.

The soda giant beat Wall Street's estimates, led by global demand for its beverages, despite higher prices. Revenue grew 3% to $12.4 billion, compared to the expected $11.76 billion. Earnings per share came in 7% higher year over year at $0.84, compared to estimates of $0.81.

In the release, CEO James Quincey said the team is "encouraged" by the results, "which delivered solid topline and operating income growth in an ever-changing landscape."

"We continue to execute our highly effective all-weather strategy, and we are confident in our ability to deliver on our raised 2024 guidance and longer-term objectives.”

Overall, unit case volume jumped 2%, while pricing was up 9%. The company raised its full-year guidance and now expects organic revenue to grow 9% to 10%.

In Q1, Coca-Cola reported $11.3 billion in revenue, beating Wall Street estimates of $10.96 billion, while its earnings per share of $0.72 also topped expectations of $0.70.

As US consumers remain cautious about where they spend their dollars, fast food chains like McDonald's (MCD), Burger King (QSR), and Taco Bell (YUM) are hoping to entice consumers with value and meal deals this summer.

Prior to the report, Coca-Cola UBS analyst Peter Grom said weakness from consumers is "largely concentrated on the convenient food side of the business rather than beverages."

Coca-Cola saw unit case volume decrease 1% in North America, as pricing jumped 11%.

Per JPMorgan analyst Andrea Teixeira, the lower-income consumer makes up about 20% of Coca-Cola's US volumes.

Year to date, shares are up 8%, lagging behind the S&P 500 (^GSPC) but far outperforming rival PepsiCo (PEP), whose shares are slightly down.

PepsiCo reported earnings last week that beat estimates, but its US demand has weakened, Brian Sozzi reported.

On PepsiCo's earnings call, CEO Ramon Laguarta said, "For many categories, the multiple-year inflation that we had to take because our input costs went up has created some perception and some reality in a lot of households that food is expensive. And consumers are making choices, and they can make choices to cook versus buy finished goods or finished products, or they can make a lot of decisions around how they spend their money and how do they feed themselves every day with the lowest budget."

Here's what Coca-Cola reported in Q2, compared to Wall Streets' expectations per Bloomberg consensus data:

• Revenue: $12.4 billion versus $ 11.76 billion

• Adjusted earnings per share: $0.84 versus 0.81

• Unit case volume growth: 2.00% versus 1.77% .

This story is breaking and being updated.

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Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at [email protected].

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