Fourth quarter financials ending 2019 for Anheuser-Busch InBev SA showed lower profit with management blaming higher costs and lost market share in the U.S. to hard seltzer makers. Their fourth-quarter net income dropped 75% to $114 million, from $456 million a year earlier. Revenue edged down 1.3% to $13.33 billion.
Budweiser and Bud Light continued to lose market share in America their largest market. The company indicated competitors have done a better job of capitalizing on a consumer’s shift to hard seltzers. The fizzy alcoholic drinks are booming in the U.S. and are very popular amongst millennials.