Mastercard Inc (NYSE:MA) released the results from its most recently completed quarter, reporting earnings of 73 cents per share—an 18% increase—on $2.2 billion in revenue—a 14% increase. Analysts had been expecting earnings of 72 cents per share on $2.14 billion in revenue for the first quarter.

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Breaking down MasterCard’s earnings results

Mastercard Inc (NYSE:MA) reported that gross dollar volume rose 14%, while purchase volume increased 13% during the quarter. The payments processing company said customers issued a little more than 2 billion MasterCard and Maestro-branded cards as of the end of March. MasterCard said the three key drivers for its net revenue growth the increase in gross dollar volume, which rose to $1 trillion, the increase in processed transactions, which rose to $9.8 billion, and a 17% increase in cross-border volumes. Rebates and incentives partially offset those factors.

“We kicked off the year with a strong quarter, despite a mixed global economy,” said Mastercard Inc (NYSE:MA) President and CEO Ajay Banga in a statement. “We secured several new agreements, including three of the largest retailers. Wal-Mart and Sam’s Club will flip their co-brand portfolios to MasterCard. Target will also shift its co-brand to MasterCard and use our chip and PIN technology across all of its card products as part of a commitment to provide its customers with the most secure payment product. At the same time, we continue to invest in technology and acquisitions that will speed our development of mobile and online solutions.”

Mastercard Inc (NYSE:MA)’s total operating expenses rose 12% or 11% on an adjusted currency basis, rising to $892 million during the quarter, year over year. The company said the main driver of that increase was higher investments, including acquisitions.

MasterCard buys back shares

During the first three months of the year, Mastercard Inc (NYSE:MA) bought back about 21.3 million Class A common shares for about $1.7 billion. So far this quarter through April 24, Mastercard bought back 6.2 million more shares for a total of $453 million. The company has $1.5 billion left on its current repurchase authorization.