It's been almost exactly four months since Anheuser-Busch InBev (BUD 0.20%) first raised the ire of conservative beer drinkers by partnering with transgender social media influencer Dylan Mulvaney. But the brewing giant is still feeling the fallout of boycotts for its previously beloved Bud Light brand.

On Wednesday, AB InBev announced a restructuring of its corporate offices that will result in layoffs of 350 employees. Shares were down modestly on the news.

To be fair, these layoffs represent "only" 2% of AB InBev's U.S. workforce of approximately 18,000 people, and they won't affect front-line workers such as brewery and warehouse staff. But it's also worth noting these weren't the first jobs lost in the wake of the controversy; earlier this month, glass bottling company Ardagh Group was forced to close two factories in North Carolina and Louisiana, laying off 600 workers due to declining sales of AB InBev products.

"...brewing great beer for everyone."

June sales of Bud Light and Budweiser plunged 28.5% and 11.7% year over year, respectively. Meanwhile, fellow brewing mammoth Constellation Brands' (STZ 1.24%) Modelo edged out Bud Light as the United States' top-selling beer in both May and June; Modelo most recently commanded 8.7% of overall U.S. beer sales through retail stores in the four weeks ended July 1, 2023 compared to Bud Light's still-respectable (but fast-declining) 7% share.

"While we never take these decisions lightly, we want to ensure that our organization continues to be set for future long-term success," stated AB InBev CEO Brendan Whitworth. "These corporate structure changes will enable our teams to focus on what we do best -- brewing great beer for everyone."

Incidentially, that neutral "try to please everyone" stance appears to be a driving force behind AB InBev's continued struggles right now. Management has found themselves in an unenviable lose-lose scenario in recent months, having been widely criticized by both sides in the wake of the boycotts for issuing vague statements that don't clearly define the company's stance on LGBTQ+ issues.

"For a company to hire a trans person and then not publicly stand by them is worse in my opinion than not hiring a trans person at all," Dylan Mulvaney herself stated in a recent TikTok video.

Still, while the headlines (and AB InBev's stock ticker symbol) might not imply as much, it's easy to forget the Belgium-based conglomerate owns over 600 global and local beer brands sold in 150 countries. And it continues to stand tall as the world's largest beer stock by a wide margin as measured by both revenue and shipment volumes.

So what's an investor to do? 

AB InBev has incredible brand diversification, but there's no denying the pain being caused right now in terms of slumping sales for its Budweiser varieties, which have long stood tall as one of the company's three core "global brands" alongside Stella Artois and Corona.

So how should investors be handling this?

The company does pay a modest dividend yielding 1.4% annually at today's prices, so I wouldn't blame existing shareholders for sitting tight and focusing on the long term while they reinvest that payout. Time heals all wounds, so they say, and I won't be the least bit surprised if AB InBev works hard to shift the focus away from Bud and Bud Light and toward its other promising brands at least in the near term.

But I personally wouldn't be adding new shares or opening an initial position right now. At the very least, I think it would be wise to wait to receive more clarity on AB InBev's latest performance and future expectations when it releases second-quarter 2023 results this coming Wednesday, August 2.