By Saabira Chaudhuri 

Budweiser brewer Anheuser-Busch InBev SA sold more beer at higher prices in the third quarter, as strong demand in South America helped make up for weakness in the U.S., where drinkers switched away from beer and supply chains were disrupted.

The world's largest beer company Thursday said revenue rose 7.9% in the period, with volumes up 3.4%, as drinkers reached for pricier brews. Both those figures beat analyst forecasts and prompted the company to raise its full-year earnings guidance. AB InBev's shares rose over 7% in early trading in Europe.

The results provide further evidence of how large multinational companies are grappling with a patchwork of Covid-19 restrictions and supply-chain issues in some regions, while in others, consumers and goods are moving freely and buoying sales.

The strong results come after a challenging few years for AB InBev, whose shares have dropped because of the impact of the pandemic, currency headwinds and higher inflation. Separately Thursday, cigarette giant Altria Group Inc. -- a large AB InBev shareholder -- took a $6.2 billion impairment charge on its investment in the brewer, saying that while it planned to retain its stake and expects shares to recover, it would take longer than previously expected.

In the U.S., AB InBev's largest market, the company reported a 0.8% drop in revenue, which it partly attributed to supply chain disruptions it said had left some of its drinks out of stock. Chief Executive Michel Doukeris pointed to big storms in the south of the U.S. and a cyberattack that impacted a big glass supplier.

He also said the company's U.S. business was up against a strong comparison with the year-earlier quarter, when consumers shut out of bars during a hot summer stocked up on beer at grocery stores.

The beer industry has been struggling with a larger shift among drinkers in the U.S. toward spirits. That industry problem is compounded for AB InBev whose once blockbuster Bud and Bud Light beers have been declining for years as drinkers opt for other brands, including Michelob Ultra, which it also owns.

In response to changing consumer tastes in the U.S., AB InBev has been investing in spirits brands and on Thursday said sales of its canned cocktail brand Cutwater had grown by a triple-digit percentage.

Elsewhere, the company said it had seen a resurgence in demand across South America during the quarter. In Brazil, revenue jumped 15.3% driven by growing sales made directly to consumers, and the adoption of an app that lets retailers place digital orders. In Colombia, AB InBev reported record volumes in the third quarter as Covid-19 restrictions eased, resulting in the country's highest beer per capita consumption level in more than 25 years.

Sales were weaker in Asia which has been hit by pandemic limitations, with volumes dropping 5.9% across the wider Asia-Pacific region. Volumes fell 7.1% in China, where AB InBev said restrictions had led to a total industry decline and disproportionately affected its key regions.

AB InBev's commentary on the region echoed that of Dutch rival Heineken NV earlier this week, though it stood in contrast to the Asia performance of Carlsberg A/S. The Danish brewer Thursday reported higher volumes from China and India, helping it log stronger overall revenue.

AB InBev's net profit for the three months to Sept. 30 fell to $250 million from $1.04 billion a year earlier, as the company logged a loss tied to the hedging of its share-based payment program. Underlying profit, which strips out gains and losses tied to hedging and the effect of inflation, climbed to $1.7 billion from $1.6 billion.

Revenue rose to $14.27 billion from $12.82 billion for the same period a year ago.

AB InBev said it expects earnings before interest, taxes, depreciation and amortization to grow between 10% to 12% for the year, up from previous guidance of between 8% to 12%.

Write to Saabira Chaudhuri at saabira.chaudhuri+1@wsj.com