Juul annual sales projected to top $3 bln after profitable 2018 -Bloomberg
Feb 22 (Reuters) - E-cigarette maker Juul Labs Inc's revenue is expected to triple this year to about $3.4 billion following a profitable 2018, Bloomberg reported on Friday.
The vaping device maker revealed its first official growth figures last month, saying it made sales of over $1 billion in 2018, up from $200 million the year earlier.
Its overall profit for 2018 reached $12.4 million, Bloomberg reported https://www.bloomberg.com/news/articles/2019-02-22/juul-expects-skyrocketing-sales-of-3-4-billion-despite-flavored-vape-ban?srnd=markets-vp, citing a person briefed on the results. Juul was not available to comment on the report outside usual business hours.
Highlighting the potential for exponential growth in the industry, Marlboro maker Altria Group bought a 35 percent stake in Juul for $12.8 billion in December.
The soaring sales come even as a divisive debate rages on over e-cigarettes, which offer an alternative free of the cancer-causing chemicals found in cigarettes, but are often seen as spurring new nicotine addiction, especially among teens.
The U.S. Food and Drug Administration in November announced new curbs on sales of flavored e-cigarettes, including Juul's mango and cool cucumber vaping devices to tackle concerns of widespread underage use.
Hurt by the crackdown, Juul's revenue in the fourth quarter fell 2.5 percent from the previous quarter, while its adjusted loss reached $70.4 million, Bloomberg said. However, poor U.S. results were offset by a strong international business. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sai Sachin Ravikumar)
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