Anheuser-Busch InBev, the world’s biggest brewer, on Thursday smashed profit expectations during a quarter that saw a social media-driven boycott of its bestselling Bud Light beer in the U.S.
The Belgium-based Budweiser owner said its second-quarter revenue rose by 7.2% globally, as price hikes offset a 1.4% fall in volumes. The company said organic growth in earnings before interest, taxes, depreciation and amortization (EBITDA) was 5%, above a consensus forecast of 0.4%.
AB InBev also reiterated its full-year and medium-term profit outlook. Last month, the company announced hundreds of job cuts impacting various areas of the business.
AB InBev shares were 3.6% higher at 2:08 p.m. CEST (8:08 a.m. ET).
The Bud Light boycott was a response led by high-profile online personalities to the brand’s brief product placement with transgender influencer Dylan Mulvaney, who was sent a bottle of the beer to promote in a video at the start of April.