Marlboro maker Altria takes $2.6 billion third-quarter hit on Juul investment

(Reuters) – Altria Group Inc said on Friday it took a $2.6 billion charge on its investment in Juul Labs Inc in the third quarter, mainly due to lower revenue projection from the e-cigarette maker.

Reuters had on Thursday reported citing an internal memo that the e-cigarette maker had cut its valuation by about $2 billion at the end of last year.

The value of Altria’s investment in Juul was $1.6 billion as of Sept. 30, Altria said.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Arun Koyyur)