Beer giant AB InBev beats forecasts, but Bud Light boycott continues to hit U.S. revenues
Publishing timestamp: 2023-10-31 08:23:52
Summary
AB InBev, the world's biggest brewing firm, beat expectations for the third quarter despite a controversy surrounding its online Bud Light campaign. While revenue rose 5% and the company announced a $1 billion share buyback, U.S. revenue and profit saw a weak quarter due to a conservative boycott over its Bud Light brand. The boycott was in protest of the brand's partnership with transgender influencer Dylan Mulvaney. Despite the controversy, AB InBev's performance in other markets helped offset the weak U.S. sales. Other brewers, such as Carlsberg and Heineken, also faced challenges in the beer market.
Sentiment: NEUTRAL
Tickers: CARL.B-DK, ABI-BE, HEIA-NL,
Keywords: carlsberg a/s, earnings, anheuser-busch inbev sa, business, united states, business news,