Bad as it was, the biggest drag on Anheuser-Busch InBev profit wasn't Bud Light

Anheuser-Busch InBev on Thursday reported a big drop in profit for the second quarter, and as expected results in North America suffered after consumer...

Anheuser-Busch InBev on Thursday reported a big drop in profit for the second quarter, and as expected results in North America suffered after consumer boycotts of Bud Light.

... Anheuser-Busch InBev on Thursday reported a big drop in profit for the second quarter, and as expected results in North America suffered after consumer boycotts of Bud Light. Two-thirds of the profit drop was due to market share performance and the remainder from productivity loss, increased sales and marketing investments and support measures for its wholesalers, the company said.

So how then did the company report a 79% decline in second quarter profit, to $339 million? The answer is derivatives: the company recorded a $1.08 billion mark-to-market loss on hedges for its share-based payment programs and shares issued in relation to the combination with Grupo Modelo and SAB.

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