Free Trial

Brewer Heineken to cut 8,000 jobs after pandemic losses

A Heineken sign sits on the facade of a bar, closed because of the coronavirus lockdown in Amsterdam, Sunday, Feb. 7, 2021. Dutch beer brewer Heineken said Wednesday it plans to cut 8,000 staff, nearly 10% of its global workforce, as part of a cost-cutting reorganization after a pandemic-dominated year that saw it sink to a net loss of 204 million euros ($248 million). (AP Photo/Peter Dejong)

THE HAGUE, Netherlands (AP) — Dutch beer brewer Heineken said Wednesday it plans to cut 8,000 staff, nearly 10% of its global workforce, as part of a cost-cutting reorganization after a pandemic-dominated year that saw it sink to a net loss of 204 million euros ($248 million).

With bars and pubs around the world closed during coronavirus lockdowns and alcohol bans in some of its markets, Heineken sold 8% less beer than in 2019. Revenue fell nearly 17% to 23.8 billion euros.

CEO Dolf van den Brink described 2020 as “a year of unprecedented disruption and transition” for the brewer.

The company said that the pandemic “continues to have a material impact on our top-line performance, affecting all geographies and markets as governments across the world took measures to mitigate the contagion including restricted population movement, social distancing, outlet closures and temporary lockdowns of production facilities.”

Should You Invest $1,000 in Heineken Right Now?

Before you consider Heineken, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Heineken wasn't on the list.

While Heineken currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

7 Stocks to Buy And Hold Forever Cover

Enter your email address and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

3 Hot Growth Stocks to Watch Right Now!
Don’t Miss These Top 3 Defense Stocks Set To Gain
Triple-Digit Gains: These 4 Nuclear Stocks Have Even More Upside Ahead

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines