Beer giant Anheuser-Busch InBev SA/NV reported a 28.2% drop in core profit in the United States during the second quarter of 2023, or around $37 billion in market value.
It also translated to about $395 million in lost U.S. sales.
While the downturn follows conservative backlash to its use of transgender influencer Dylan Mulvaney in a recent advertisement campaign, the company did not mention the boycott during its latest earnings report.
AB InBev instead pointed to a survey of over 170,000 consumers it conducted, showing that most of them "are favorable towards the Bud Light brand and approximately 80% are favorable or neutral."
Executives also blamed its loss in core profit — earnings before interest, taxes, depreciation, and amortization — on "the volume decline of Bud Light" and "increased sales and marketing investments."
Still, AB InBev reported an overall 5% increase in core profits during the quarter, arguing that it was primarily due to boosts in sales in Brazil, China, and Colombia, where earnings reached upwards of 20%.
AB InBev's report comes as the company has tried to quietly distance itself from Mulvaney, informing investors on a May earnings call that its relationship with the trans influencer was just "one post and not a campaign."
Anheuser-Busch President Brendan Whitworth has tried to soothe concerns from those who think the brewer is now turning its back on LGBTQ+ Americans, telling CBS News that the brand is "all about bringing people together."
Meanwhile, Mulvaney posted a video in June saying they felt like Bud Light had abandoned them after facing "more bullying and transphobia than I could have ever imagined."