Anheuser-Busch Carson King Can
PHOTO: Twitter/Busch Beer
Anheuser-Busch Carson King Can
Now playing
02:08
Anheuser-Busch cuts ties with viral beer sign guy
PHOTO: Taco Bell
Now playing
01:31
Chicken sandwiches are big business. See them all
PHOTO: CNN
Now playing
01:32
These are the racist origins of Aunt Jemima and Uncle Ben's
Now playing
01:16
See Burger King's retro new logo and uniforms
Now playing
03:39
This vegan restaurant is actually opening locations during the pandemic
PHOTO: Stew Leonard's
Now playing
04:46
Stew Leonard's CEO: We have plenty of food
PHOTO: Lifetime
Now playing
02:34
Mario Lopez stars as KFC's Col. Sanders in steamy movie
Now playing
02:48
Goldbelly is shipping food from iconic restaurants nationwide
Now playing
02:46
Why the world's largest ice cream company is betting on home delivery
screengrab mcplant
PHOTO: Getty Images
screengrab mcplant
Now playing
02:05
Internet mocks McDonald's new meatless burger
bacon mask 2
PHOTO: CNN
bacon mask 2
Now playing
02:00
This company is giving away bacon-scented face masks
Now playing
02:19
People are brewing fancier coffee at home. That's good for this company
Patrick Stewart and Mark Hamill, two legendary cultural icons, come together to settle the greatest debate of all time - what
PHOTO: Uber Eats/Youtube
Patrick Stewart and Mark Hamill, two legendary cultural icons, come together to settle the greatest debate of all time - what's for dinner?
Now playing
01:00
Uber Eats' new ad pits Luke Skywalker against Capt. Picard
Now playing
02:42
Imperfect Foods' business is booming during the pandemic
PHOTO: Milk Processor Education Program
Now playing
01:05
Watch the new 'Got Milk?' ads
Now playing
02:45
This small business stood for a century, but Covid-19 closed it in months
(CNN Business) —  

Anheuser-Busch InBev is running into trouble in China.

The world’s largest brewer on Friday downgraded its annual earnings outlook after weak sales in China and the United States hurt profit growth in the third quarter.

Anheuser-Busch InBev raised roughly $5 billion last month in an IPO of its Asia business that touted future growth in the region, but signs of weakness in China sent its stock listing in Brussels down 10% on Friday and wiped out roughly $16 billion in market value.

The brewer of Budweiser and Stella Artois said in its earnings statement that listing its Asia Pacific business in Hong Kong provided a platform for buying opportunities, and that the unit was “positioned to expand across the fastest growing markets in the region.”

But economic growth in China is at its lowest level in nearly three decades and consumer spending is faltering, putting a number of Western companies that sell goods and services there, such as Nokia (NOK) and Renault (RNLSY), under pressure.

Growth trouble

Anheuser-Busch InBev said lackluster sales in China and the United States had offset growth in Mexico, South Africa and Colombia. Price increases in South Korea also hurt sales and would be rolled back, the company said.

The brewer pledged to keep prices low in emerging markets, even though doing so had reduced the value of its sales. “We believe a smart affordability strategy is a vital component to reaching new consumers and introducing beer to new occasions,” it said.

In the United States, Anheuser-Busch InBev lost out on booming demand for hard seltzer, or carbonated alcoholic drinks that come in cans. The company said it planned to expand in this category.

Sounding a positive note, Anheuser-Busch InBev said it would be able to reduce its enormous debt pile earlier than expected by using the proceeds of its Hong Kong IPO and the $11.3 billion windfall from the sale of its Australian unit to Japanese beer giant, Asahi.

Anheuser-Busch InBev, which had debt of $102.5 billion in 2018 after buying rival SABMiller, was forced to cut its dividend in half last year to steady its balance sheet.

- Sherisse Pham contributed to this report.