Anheuser-Busch InBev SA (NYSE:BUD) on Friday reported a lower-than-expected third-quarter profit and cut its full-year guidance after a disappointing performance in the US, Brazil and Asia.

Following the news, the stock of the world’s biggest brewer fell more than 8% to $80.21 a share in New York.

AB InBev’s 3Q core profit was unchanged year-on-year at $5.29 billion, missing market expectations for a 3% rise.

In addition to the disappointing sales, the company blamed its weaker quarterly earnings on higher commodity costs and marketing expenses as well as foreign-exchange headwinds, and said the issues would also hurt its full-year figures.

It now expects “moderate” rather than “strong” growth in EBITDA (earnings before interest, taxes, depreciation and amortization) for the full year.

The Belgium-based company has for years grappled with declining volumes in the US, its largest market, as Americans abandon mainstream lagers such as Bud and Bud Light in favor of craft beers, spirits and nonalcoholic drinks. 

As a result, AB InBev has tried to sell pricier beers in developed markets and increasingly is pushing deeper into emerging markets by launching new affordable brews. However, sales in China fell during the 3Q, hit by the government’s moves to close nightclubs and karaoke bars.

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