Anheuser-Busch received some good news this week as it topped analysts' earnings estimates in the second quarter of 2023 despite the ongoing boycott of Bud Light.
During an earnings call on Thursday, Anheuser-Busch InBev reported a global revenue increase of 7.2 percent. Additionally, the company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of 5 percent, which beat analysts' predictions of .4 percent, the Financial Times reported.
The earnings call on Thursday came as conservatives continue to boycott Bud Light, which is owned by Anheuser-Busch, after the beer brand partnered with Dylan Mulvaney, a transgender influencer and activist.
The boycott began in April after Mulvaney posted a video to Instagram showcasing a customized Bud Light can she received to celebrate her transition to a woman.
Over the past several months, the boycott has continued and numerous reports have shown a decline in the beer's sales in different weeks.
According to a presentation from the Anheuser-Busch InBev earnings call, U.S. revenue declined by 10.5 percent and the company said: "Performance impacted by volume decline of Bud Light."
"Market share has been stable since late-April," Anheuser-Busch InBev said.
According to the Financial Times, analysts at RBC Capital Markets said: "Given Bud Light's travails this is an impressive demonstration of AB InBev's resilience and diversification. We believe that the share price has overreacted to the Bud Light situation."
Last month, numerous reports showed a decline in Bud Light sales, including over the Fourth of July holiday weekend. The Daily Caller obtained Nielsen IQ sales data from Bump Williams Consulting that showed Bud Light sales declined 23.6 percent for the week ending July 8.
For the week ending July 15, Newsweek obtained Nielsen IQ sales data from Bump Williams Consulting, which showed Bud Light sales declining 26.1 percent and a 29.7 percent decline in the beer's volume, or the number of units sold.
Over the four-week period ending July 15, the data showed a decline in sales of 13.6 percent.
Anson Frericks, the former president of operations for Anheuser-Busch, told Newsweek last month that the partnership with Mulvaney showed that "Anheuser-Busch did not understand its customer base and kind of also where their customer base is, in terms of what messaging they want to see from Bud Light."
Frericks also predicted that Bud Light sales could continue to decline over the next few months, saying: "I think there's going to be some permanent damage to this brand."
Newsweek reached out to Anheuser-Busch via email for further comment.
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
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