It is the second quarter in which the Bud Light controversy has hit U.S. performance at the world’s biggest brewer.
The world's biggest brewer followed an industry trend of lower volumes and higher revenue on more expensive beer prices.
Bud Light lost its spot as the top-selling U.S. beer over the summer amid a conservative-led boycott, protesting its partnership with transgender influencer Dylan Mulvaney., the world's biggest brewing firm, on Tuesday beat expectations for the third quarter, despite an ongoing drag from controversy surrounding its online Bud Light campaign.
The company's Brussels-listed shares gained 3.5% in early trade as investors cheered the announcement of a $1 billion share buyback to be executed over the next 12 months. The company also announced it had approved a cash tender offer for up to $3 billion outstanding bonds as part of its"focus on deleveraging."Revenue in the U.S. dropped 13.5%, while earnings before interest, taxes, depreciation, and amortization in the country plunged 29.
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