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 sold less beer than analysts expected in the fourth quarter, dragged by lingering weakness in China, but said it gained market share in the U.S.

Anheuser-Busch InBev (AB InBev), the world’s largest brewer, delivered stronger-than-expected fourth-quarter revenue, defying concerns over declining global beer demand. The company reported a 3.4% year-over-year revenue increase to $14.

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.