Vaping Is No Longer Big Tobacco’s Savior as Imperial Shares Drop
Photographer: Richard Baker/In Pictures via Getty Images
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The year keeps getting worse for Imperial Brands Plc shares, 2019’s biggest decliner among European personal and household-goods stocks, as a backlash against smoking alternatives batters the tobacco industry.
The stock suffered a blow on Thursday after the company revised down its full-year revenue forecast and earnings expectations, citing a deterioration in the U.S. vaping market. That follows underwhelming results in May, when first-half sales for next-generation products missed analysts’ expectations.