Bud Light brewer Anheuser-Busch InBev (NYSE:BUD) managed to grow profits last year despite grappling a boycott of its staple brand in the US.
Updating on Thursday, the world’s largest brewer reported a 7% rise in core profit to US$20 billion for the year, on the back of a 7.8% jump in revenue to US$59.38 billion.
This was below LSEG consensus estimates for a US$20.1 billion profit and $60.48 billion in revenue, though, with the firm having faced a social media-fuelled boycott of its Bud Light brand in the US mid-way through the year.
This came after an outcry from far-right personalities online in response to the brewer’s marketing collaboration with transgender influencer Dylan Mulvaney.
eToro analyst Mark Crouch commented that “last year certainly was a challenge for the firm” as a result, noting Bud Light lost a long-held spot as the US’s biggest-selling beer.
AB InBev announced major sponsorship deals in response, he continued, including with the Ultimate Fighting Championship and International Olympic Committee,
“Whether that can spark a bounce back remains to be seen,” he added.
Indeed, the brewer’s US-listed shares fell 3.6% to US$60.22 on the back of the results, with Crouch noting concern would come over an annual 2.3% decline in beer volumes.