Smirnoff, Guinness Parent Diageo Stock Crashes On Soft US Demand, China Weakness
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Diageo Plc's stock has dropped 13.60% to $88.21 following disappointing H1 FY26 earnings, which reported net sales of $10.5 billion, below expectations of $11.11 billion. The company has revised its FY26 guidance, anticipating a 2%-3% decline in organic net sales due to weak demand in the U.S. and China. Operating profit decreased by 1.2%, and adjusted EPS of 95 cents fell short of the expected 96 cents. Diageo's cost savings program is on track, with free cash flow guidance maintained at $3 billion for the year.
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