Philip Morris Falls as Vaping Devices Face Slow Acceptance
- Initiatives to boost sales in Japan won’t pay off until 2019
- Earnings forecast range below estimates; shares decline
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Philip Morris International Inc.’s vaping products -- the key to future growth -- have a hazy outlook.
Marketing campaigns to promote a new device in Japan probably won’t pay off until 2019, Philip Morris said Thursday in its earnings statement. This is now the second quarter in which the company has flagged difficulties there for its iQos device, a product that heats up tobacco without setting it on fire.