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Photo: Rob Kim/Getty Images

Boston Beer sent another signal the hard seltzer fad is fading — and told Wall Street that it will make less money because of it.

Why it matters: It’s a reversal of a mega-booze trend that a slew of companies raced to get in on.

Catch up quick: Back in July, Boston Beer said it overestimated demand for its “Truly” brand. Executives warned Wall Street profits wouldn’t be nearly as high as initially thought because of hard seltzer uncertainty.

Turns out the company wasn’t pessimistic enough: Now it says profits could be even lower, thanks to inventory write-offs and shortfall fees to third parties, per a statement.

  • It says “there will be continuing uncertainty” ­about hard seltzer de­mand trends for the re­st of 2021, and withdrew guidance altogether.

The intrigue: Drink heavyweights and newcomers tapped into the hard seltzer hype, filling shelves with options. The beer giant partially blamed its woes on a heavily splintered market.

  • "New hard seltzer brands at retail [stores] ... have resulted in a proliferation of choices and consumer confusion,” founder Jim Koch told analysts in late July.

By the numbers: Industry-wide, there will be 30 million fewer cases of hard seltzer sold this year than what was anticipated in July, the company said, citing research.

  • “We believe the sustained decline in regular [hard seltzer] consumption is driven by the reopening of bars & restaurants,” where it's “underindexed” versus beer, wine or other spirits, analysts at UBS wrote this week.

What to watch: Boston Beer is going deeper into hard seltzer. It said last month it would partner with Pepsi to create hard Mountain Dew.

Go deeper

John Frank, author of Denver
Sep 9, 2021 - Axios Denver

Where to celebrate Denver Beer Week

A vendor at the 2014 Craft Brewers Conference in Denver. Photo: RJ Sangosti/The Denver Post via Getty Images

The Great American Beer Festival is canceled again. And other Denver beer events followed suit.

The good news: The nation's top craft brewers are still coming to Colorado this week — and bringing beer just in time for Denver Beer Week.

Special Envoy for Haiti resigns over deportation of migrants and asylum-seekers

Daniel Foote testifies during a Senate Foreign Relations Committee hearing on May 26, 2016. Photo: Drew Angerer/Getty Images

The Special Envoy for Haiti on Wednesday resigned from his position, writing in his resignation letter obtained by PBS that he "will not be associated with the United States inhumane, counterproductive decision to deport thousands of Haitian refugees."

Why it matters: Ambassador Daniel Foote's resignation comes amid heightened anger over the treatment of Haitian migrants and asylum-seekers living in a temporary encampment in Del Rio, Texas — especially after images surfaced of Border Patrol agents whipping at the migrants from horseback.

First-time homebuyers shrink as prices spike

Data: National Association of Realtors; Chart: Axios Visuals

Home sales cooled as prices continued to heat up in August.

Driving the news: The share of first-time existing homebuyers (29%) last month was the smallest in two years, according to new data from the National Association of Realtors.