10:33 AM EDT, 05/01/2024 (MT Newswires) -- Mastercard ( MA ) first-quarter earnings and revenue exceeded Wall Street's estimates as consumer spending remained strong, though growth in the value of transactions processed on the payments firm's platform slowed year over year.

Adjusted earnings rose to $3.31 a share for the three months through March from $2.80 a year earlier, topping the Capital IQ-polled consensus of $3.24. Revenue gained 10% to $6.35 billion, just above the Street's $6.34 billion view.

Gross dollar volume, which reflects the value of all transactions processed on Mastercard's ( MA ) platform, advanced 10% in local currency terms to $2.290 trillion, but missed the consensus on Visible Alpha for $2.303 trillion. The pace marked a slowdown from a 15% rise in the 2023 first quarter. Europe and Latin America reported double-digit annual gains in GDV, while the US posted a 6% increase.

The stock pared earlier losses but was still falling about 1.1% in Wednesday trade.

Cross-border volume jumped 18% year over year, "reflecting continued strong growth in both travel and non-travel related cross-border spending," Chief Financial Officer Sachin Mehra said on a conference call, according to a Capital IQ transcript. That rate, however, is almost half the pace reported a year ago, according to supplemental data published by Mastercard ( MA ) on its website.

For the ongoing quarter, Mastercard ( MA ) expects GAAP revenue growth at the top end of high-single digits, according to an investor presentation. For the second quarter of 2023, the company reported a 14% increase in revenue. Analysts polled by Capital IQ are estimating $6.98 billion for this year's result.

Mastercard ( MA ) maintained its 2024 expectations for net revenue to grow at the high end of a low-double-digit range on a currency-neutral basis, excluding acquisitions, Mehra told analysts.

"This reflects continued healthy consumer spending and higher value-added services and solutions growth in all quarters for the balance of the year as compared to (the first quarter)," he added.

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