The beer giant said revenues climbed 3.4% to $14.84 billion in the fourth quarter, driven by higher sales of premium products like Corona.

Beer giant Anheuser-Busch InBev on Wednesday reported forecast-beating fourth quarter profits, even as a slowdown in the Chinese beer market dragged volumes down.

The world’s largest brewer’s sales were dragged by continuing weakness in China, but it gained market share in the U.S.

AB InBev beat Q4 revenue forecasts with $14.84B in sales, driven by premium beer and non-beer growth, despite a 1.9% decline in volumes.

Anheuser-Busch InBev has reported forecast-beating fourth-quarter profits and progress in cutting debts that have hung over the company for a decade, sending its shares up 8 per cent on Wednesday even as China weakness dragged on sales.

The Budweiser brewer reported earnings that beat analysts’ expectations, boosted by higher prices and improvements in the U.S. that offset lingering weakness in China.