Ambev SA (ABEV) shares surged 5.19% in pre-market trading on Thursday following the release of its first-quarter earnings report. The Brazilian beverage giant met analyst expectations with adjusted earnings of 4 cents per share for the quarter ended March 31, although this was lower than the 5 cents per share reported in the same quarter last year.

While revenue fell 6.1% year-over-year to $3.84 billion, it slightly exceeded the analysts' forecast of $3.83 billion. The company's performance seems to have reassured investors, as Ambev SA has been on a strong run this year with its shares already up 35.1% year-to-date prior to this earnings release.

Despite the challenges faced by the company, including the revenue decline, the market's positive reaction suggests that investors are focusing on Ambev's ability to meet expectations in a difficult economic environment. The pre-market surge also indicates that traders are optimistic about the company's prospects for the remainder of the year.