Juul Quarterly Revenue Falls 23% Amid US Crackdown on E-Cigarettes
- Net revenue came in at $259 million for the first quarter
- The e-cigarette company is trying to refinance loan due 2023
A Juul Labs Inc. e-cigarette.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Juul Labs Inc. lost money in the first quarter after revenues dropped 23% from the prior year, according to people with knowledge of the matter. The company has been trying to regain public trust amid government crackdowns on teenage vaping and e-cigarettes.
The e-cigarette maker booked $259 million of revenue for the quarter ended March 31, said the people, who saw the beleaguered company’s results as it seeks rescue financing. It had a loss of $28 million in the period, compared with earnings of $29 million for the same period a year earlier, based on unadjusted results before interest, taxes, depreciation and amortization.