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 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.

The world’s biggest brewer said revenues rose 0.7% to an all-time high of 59.77 billion US dollars (£47.27 billion) in 2024.