Philip Morris's Next Challenge: Get Grandpa Stoked to Vape [Bloomberg Business News]
Philip Morris International Inc (PM)
Last philip morris international inc earnings: 4/21 06:59 am
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Source: Bloomberg Business News
After its stock fell the most in a decade on Thursday, Philip Morris International Inc. ’s challenge is to convince baby boomers to switch from cigarette smoking to a distinctly millennial activity -- fiddling with high-tech, smokeless gadgets. The tobacco giant spent $4.5 billion developing devices it says deliver fewer chemicals and potentially more profits. One of them, called the iQos, is big in Japan, with a 16 percent share of the country’s tobacco market. But 40 percent of Japanese adult smokers are age 50 and older, and they’ve been more leisurely about changing habits. Sales growth slowed in the first quarter and company revenue fell shy of estimates. The shares tumbled 16 percent on Thursday and were down less than 1 percent Friday to as low as $84.85. “Now we’re obviously going to adjust our plans,” Chief Financial Officer Martin King said on a Wednesday call with analysts. “We’re now reaching different socioeconomic strata with more conservative adult smok
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- Philip Morris International Inc. Presents at Jefferies Virtual Reduced Risk Seminar [Yahoo! Finance]Yahoo! Finance
PM
Earnings
- 4/23/24 - Beat
PM
Sec Filings
- 5/10/24 - Form 4
- 5/10/24 - Form 4
- 5/10/24 - Form 4
- PM's page on the SEC website