Trending: AB InBev Profit Slumps on Lower US Volumes

1354 GMT - Anheuser-Busch InBev is among the most mentioned companies across news items over the past nine hours, according to Factiva data, after the world's largest brewer reported a slump in second quarter profit on lower U.S. volumes. The brewer reported a net profit for the quarter of $339 million, down from $1.60 billion for the comparable period a year earlier, and compared with a FactSet consensus of $613.35 million. North American volumes fell 14.5% mainly due to lower Bud Light volumes after transgender influencer Dylan Mulvaney posted an image on Instagram of a personalized can AB InBev had gifted her. The post sparked a boycott that caused sales of Bud Light, and other brands, to fall. Citi analysts write that the earnings likely won't significantly shift market consensus forecasts, so investors shouldn't get too bearish with the stock, though it looks relatively well valued compared to peers. Dow Jones & Co. owns Factiva. ([e-mail].)

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August 03, 2023 10:09 ET (14:09 GMT)

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