Altria writes down investment in troubled e-cigarette maker Juul by $4.5 billion

In the nearly year since announcing the deal, Juul has been embroiled in controversy.Tobacco giant Altria wrote down its $12.8 billion investment in troubled e-cigarette maker Juul by more than a third, recording a $4.5 billion pre-tax charge against its third-quarter earnings, the company said Thursday.

The write-down drove the company's net income down by about $2.41 a share. On an unadjusted basis, Altria booked a $2.6 billion loss for the quarter, or a loss of $1.39 a share, compared with a profit of $1.94 billion, or $1.03 a share, during the same time last year. In the nearly year since announcing the deal, Juul has been embroiled in controversy. The company is largely blamed for fueling an epidemic of teen vaping.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Altria writes down Juul investment by $4.5 billionAltria wrote down its investment in Juul by about one-third, recording a $4.5 billion pre-tax charge against its third-quarter earnings, the company said Thursday.
Source: CNBC - 🏆 12. / 72 Read more »

Juul will cut 500 jobs as it prepares for a ban on flavored pods - Business InsiderJuul will cut 500 jobs as it prepares for a proposed nation-wide ban on flavored pods, which comprise over 80% of its US sales.
Source: BusinessInsider - 🏆 729. / 51 Read more »