Beer giant AB InBev beats forecasts but Bud Light continues to drag

Anheuser-Busch InBev, the world’s biggest brewing firm, on Tuesday beat expectations for the third quarter, despite an ongoing drag from controversy surrounding its online Bud Light campaign.

Revenue rose 5% over the period to $15.57 billion, ahead of a company-compiled forecast of 4.7%. That was despite volumes falling 3.4%, with growth in the Middle East, Africa and Asia-Pacific offset by a “soft” performance in Europe and weak U.S. sales.

The company’s Brussels-listed shares gained 3.5% in early trade as investors cheered the announcement of a $1 billion share buyback to be executed over the next 12 months. The company also…