After a disappointing year last year, Anheuser-Busch InBev announced today that they expect first-quarter earnings will drop about 10%, the sharpest drop in over a decade. Fourth-quarter net income dropped 75% to $114 million, from $456 million a year earlier and revenue was down 1.3% to $13.33 billion.
In the U.S., which is its largest market, Budweiser and Bud Light both continued to lose market share, mostly due to the rocketing success of hard seltzer, which ABInBev has been slow to jump into
ABInBev has been hit particularly hard in China where trends were down towards the end of last year and the coronavirus has crippled beer sales throughout the country..
Company shares tumbled with the rest of the market today, down 8%.