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

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.

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.

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.

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