AB InBev Quarterly Revenue Grows Despite Bud Light Scandal – Kommersant
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Today, August 3, the world’s largest brewing company, the Belgian AB InBev, introduced reporting for the second quarter. Its revenue grew by 7.2%, to $15.1 billion. The company’s net profit decreased by almost five times, amounting to $339 million.
In the US, the company’s revenue for the quarter decreased by 10.5%. This is due to the scandal that happened there around the advertising campaign for Bud Light beer with the participation of transgender Dylan Mulvaney. Social media campaign launched boycott of this beer and Bud Light stopped be the best selling beer in the US for 23 years.
At the same time, quarterly sales of AB InBev grew by 9.5% in the Asia-Pacific region and remained approximately unchanged in Europe, Africa and the Middle East. The company also reaffirmed its guidance for 2023 as a whole. “We see this as a better result than we feared. The unchanged forecast for the year is also good news,” said Alicia Forry, an analyst at Investec. Shares of AB InBev rose after the publication of financial statements by 2.8%.
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