Ronaldo, a health fanatic with an aversion to carbonated drinks, snubbed the brand by holding a bottle of water and saying “agua”, Portuguese and Spanish for water.

Internet Frenzy

His action sent the internet into a frenzy and briefly wiped off billions of dollars from the company’s market capitalization.

“You have to take the long view on these partnerships. You’re always going to have some events that don’t necessarily go your way and we just deal with them and manage them as such,” John Murphy, chief financial office, Coca-Cola said in an interview.

“Our commitment to these major tournaments has not been affected,” Murphy added.

The soda maker raised its full-year sales and profit forecasts recently, as demand bounces back from pandemic lows for its beverages following the re-opening of theaters, restaurants and stadiums.

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