American depositary receipts (ADRs) of Anheuser Busch InBev (BUD) rose more than 5% Tuesday after announcing a 澳洲幸运5官方开奖结果体彩网:stock buyback and reporting results that beat fꦰorecasts, despite U.S. sales continuing t🔯o lag after a boycott of its Bud Light brand.

The world's largest beer brewer reported third quarter fiscal 2023 profit of $0.86 per share, beating estimates, but its revenue gain of 5% from a year ago to $15.57 billion missed forecasts.

Sales plunged 13.5% in the U.S. with volume tumbling 17.1%, dragged down by a decline in Bud Light. The brand lost its top spot as the best-selling beer in America and has taken a hit in sales after a boycott following its partnership with transgender influencer Dylan Mulvaney.

This was the second straight quarter that the boycott negatively impacted results. Global volume was down 3.4%, but theꦇ company advanced in the Middle East, Africa, and ꦫAsia-Pacific markets.

AB InBev said the board has approved a $1 billion share repurchase plan over the next 12 months. In addition, the company will execute a cash 澳洲幸运5官方开奖结果体彩网:tender offer for up to $3 billion of outstanding bonds as it focuses on 澳洲幸运5官方开奖结果体彩网:deleveraging. 

Despite Tuesday's gains, ADRs of Anheuser Busch InBev remained in negative territory for the year to date.