Juul Annual Sales Projected To Top $3 bn After Profitable 2018: Bloomberg
E-cigarette maker Juul Labs Inc's revenue is expected to triple this year to about $3.4 billion (€3 billion) following a profitable 2018, Bloomberg reported on Friday.
The vaping device maker revealed its first official growth figures last month, saying it made sales of over $1 billion (€880 million) in 2018, up from $200 million (€176.4 million) the year earlier.
Its overall profit for 2018 reached $12.4 million (€10.9 million), Bloomberg reported, citing a person briefed on the results.
Juul was not available to comment on the report outside usual business hours.
Potential For Exponential Growth
Highlighting the potential for exponential growth in the industry, Marlboro maker Altria Group bought a 35% stake in Juul for $12.8 billion in December 2018.
The soaring sales come even as a divisive debate rages on over e-cigarettes, which offer an alternative free of the cancer-causing chemicals found in cigarettes, but are often seen as spurring new nicotine addiction, especially among teens.
Curb On Flavoured E-Cigarettes
In November of last year, the US Food and Drug Administration in November announced new curbs on sales of flavoured e-cigarettes, including Juul's mango and cool cucumber vaping devices to tackle concerns of widespread underage use.
Hurt by the crackdown, Juul's revenue in the fourth quarter fell 2.5% from the previous quarter, while its adjusted loss reached $70.4 million, Bloomberg said.
However, poor US results were offset by a strong international business.