(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.