Coca-Cola reported third-quarter revenue that fell short of expectations on Tuesday, and warned that the company is facing currency headwinds.

The beverage giant also said that it was expanding cost-cutting initiatives as carbonated beverage volumes in North America declined.

"The global macros were going to create a difficult environment," JPMorgan Chase senior analyst John Faucher told CNBC's "Squawk Box" right after the release. "It's just an incredibly difficult environment out there, and Coke isn't able to perform the they want to or the street wants them to."

The world's largest beverage maker said that net income for its third quarter ended Sept. 26 was $2.1 billion, or 48 cents a share, down from $2.4 billion, or 54 cents a share from a year earlier.

Excluding charges for refranchising some North American bottling operations and other special items, earnings per share were 53 cents.

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