Philip Morris IQOS Sales Soar Despite U.S. Ban and Ukraine War
A ban on its heated tobacco IQOS electronic cigarette in the U.S. and the war in Ukraine has not deterred Philip Morris International's (NYSE: PM) march toward a smoke-free future. The global tobacco giant said it still added over 1 million new users to its roster of IQOS devotees over the last three months, giving it almost 18 million now.
Because of Russia's invasion, Philip Morris has halted sales in both countries. With an additional 4.8 million IQOS users in Ukraine and Russia at the end of last year, sales would have been demonstrably higher had hostilities not broken out.
It all led Philip Morris International to handily beat Wall Street's forecast for revenue and earnings, though the war swiped $0.03 per share from profits and caused the tobacco stock to slash its full-year outlook.
Source Fool.com
