BELOW SUPERNAV drop zone ⇩

Anheuser-Busch reports higher-than-expected earnings in Q3

  • The company saw 5% revenue growth in the past quarter
  • Bud Light sales dropped in the U.S. over a controversial partnership
  • Growth in the Middle East, Africa and Asia-Pacific made up for U.S. sales
Cans of Bud Light chill in a refrigerator in Oakland, Calif., Friday, April 28, 2023. After more than two decades as America's best-selling beer, Bud Light has slipped into second place. Modelo Especial, a Mexican lager, overtook Bud Light in U.S. retail dollar sales in the month ending June 3. (AP Photo/Jeff Chiu)

Cans of Bud Light chill in a refrigerator in Oakland, Calif., Friday, April 28, 2023. After more than two decades as America’s best-selling beer, Bud Light has slipped into second place. Modelo Especial, a Mexican lager, overtook Bud Light in U.S. retail dollar sales in the month ending June 3. (AP Photo/Jeff Chiu)

MAIN AREA TOP drop zone ⇩

(NewsNation) — Anheuser-Busch saw better performance in Q3 of 2023 despite still struggling in the U.S. after controversy surrounding Bud Light’s brief partnership with a transgender influencer.

The company reported revenue growth of 5%, more than was previously forecasted. Growth in the Middle East, Africa and Asia-Pacific helped grow revenue even as the brand experienced weaker sales in the U.S.

U.S. sales of Bud Light dropped after conservatives led a boycott over the beer’s partnership with transgender influencer Dylan Mulvaney and support of LGBTQ+ Pride events.

The company backed off the partnership in response to the outcry, prompting calls for a boycott from LGBTQ+ groups disappointed in the response.

Revenue in the U.S. dropped 13.5%, and earnings dipped 29.3% due to the brand’s performance, productivity loss and higher marketing spending.

The company did see a 3.5% gain in early shares trading after it announced a $1 billion share buyback that will take place over the next 12 months.

Business

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Sunny

la

81°F Sunny Feels like 81°
Wind
5 mph S
Humidity
15%
Sunrise
Sunset

Tonight

A few passing clouds. Low 53F. Winds light and variable.
53°F A few passing clouds. Low 53F. Winds light and variable.
Wind
3 mph N
Precip
0%
Sunset
Moon Phase
Waning Gibbous