Anheuser-Busch InBev tanked Friday after the Belgium-based brewer trimmed its sales outlook following poor results in Brazil.
The brewer of Budweiser, Corona and Stella Artois had forecast that net revenue would grow ahead of inflation. But the company said in a statement Friday that “given the weak results in Brazil, we now expect growth in line with inflation.”
Beer volumes in Brazil fell by 4.1 percent in the third quarter, and by 2.5 percent in the United States compared to the same period last year.
The news comes a month after shareholders approved AB Inbev’s $103 billion takeover of SABMiller, which brews Fosters and Miller beer. The combined company will control almost a third of the global beer market.
Anheuser-Busch shares fell 4 percent to $116.84 on Friday.