Carlsberg shares fell by around 9 percent on the Danish stockmarket after the company released what are probably not the best results in the world.
The brewer's reported a 19 percent drop in operating profit in its second quarter.
It's blamed cold weather in northern Europe and says it's not making money in Russia like it used to.
Although it cut 20 percent of its workforce in May, Carlsberg says it hasn't achieved the cost savings it was hoping for.
