0
0
0
s2sdefault

Philip Morris International Inc.’s bet on reduced-risk products has been slow to pay off as declining cigarette demand weighs down results.

 
 

The seller of Marlboros outside the U.S. reported revenue excluding excise taxes of $6.9 billion, less than the $7.03 billion that analysts surveyed by Bloomberg had been projecting. Shares slipped as much as 14 percent as of 9:41 a.m. in New York, the biggest intraday drop since 2008.