In this news, we discuss the Marlboro maker Altria takes $2.6 billion third-quarter hit on Juul investment.
(Reuters) – Altria Group Inc MO.N said on Friday it took $ 2.6 billion from its investment in Juul Labs Inc in the third quarter, mainly due to lower earnings forecasts for the e-cigarette maker.
Reuters reported on Thursday citing an internal memo that the e-cigarette maker had cut its valuation by about $ 2 billion at the end of last year.
The value of Altria’s investment in Juul was $ 1.6 billion as of September 30, Altria said.
Report by Praveen Paramasivam in Bengaluru; Edited by Arun Koyyur
Original © Thomson Reuters
Originally posted 2020-10-30 11:46:10.