STORY: Investors toasted AB Inbev's strong first-quarter on Wednesday (May 8).

Shares rose more than 5% as the world's largest brewer reported a 2.6% rise in revenues.

It also saw much better-than-forecast earnings before tax, which grew over 5% to almost $5 billion.

The maker of Stella Artois and Corona beer said it hit record volumes in some of its markets.

AB Inbev sales in the U.S. have been hit hard by a year-long consumer boycott of Bud Light.

That was related to a conservative backlash against a social media promotion with with transgender influencer Dylan Mulvaney.

It has seen Bud Light fall from the top spot as the best-selling U.S. beer.

Company revenues in the country dropped 9.1% in the first quarter, with sales to retailers down 13.7% due to the boycott.

But North America volumes dropped less than expected.

Analysts said its performance was a big improvement compared with earlier in the boycott.

All brewers are set for margin expansion as price rises for key supplies slow.

Rivals Heineken and Carlsberg also produced solid first-quarter results.