Shares of beer and beverage products maker Anheuser-Beusch InBev (NYSE:BUD) are in the green today after a Wall Street Journal report that the company slashed hundreds of roles at its U.S. offices amid a sales slump at Bud Light.
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The layoffs are expected to impact less than 2% of its workforce and come even as the company continues to face backlash associated with its promotional campaign with Dylan Mulvaney, a transgender influencer.
The partnership between Bud Light and Mulvaney led to a backlash and the influencer has criticized the brand of not standing with her amid the controversy. In the aftermath of the promotional campaign, Bud Light sales have been on a decline with recently Bud Light losing its top seller tag in the U.S. to Modelo Especial, a Mexican brand.
Separately, the company is slated to announce second-quarter numbers on August 3 and is largely anticipated to post an EPS of $0.68 on revenue of $15.35 billion for the period. In the year-ago quarter, it posted an EPS of $0.73, outperforming expectations by $0.01.
Overall, the Street has a $69.02 consensus price target on BUD alongside a Moderate Buy consensus rating.
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