Anheuser-Busch InBev cut its proposed dividend by half on Thursday as beer sales slowed in the brewer’s biggest markets, Brazil and the U.S.
The company’s earnings also underperformed forecasts.
That sent shares sliding more than 10 percent, to 64.85 euros, for the Belgian parent company of St. Louis-based Anheuser-Busch.
The brewer said the lower dividend would save the company about $4 billion, which it would use to pay off some of its $108.8 billion in debt.
In the U.S., the biggest market for A-B InBev, beer sales declined. So did the brewer’s market share.
Revenue rose for the company, but core earnings were down, due to higher costs on commodities, primarily aluminum.
Read more: St. Louis Post-Dispatch