Philip Morris International (PMI) saw its stock price decline after reporting disappointing revenue figures, attributing the shortfall to a surge in the black market cigarette trade, particularly in Indonesia and Europe. This illicit market activity is undercutting legitimate sales channels, impacting PMI's overall performance. The company, known for brands like Marlboro and Zyn, is now grappling with the challenge of combating this illegal trade to regain market share and boost investor confidence. Analysts are watching closely to see how PMI will adapt its strategies to address this growing concern.