Mastercard Inc.'s (MA) third-quarter fiscal results came in ahead of expectations, with the payments processor reporting a second consecutive quarter of profit growth on continued strong consumer spending trends.

Mastercard posted net income of $3.2 billion, or $3.39 per share, representing an increase of 28% on a year-over-year basis. The company's revenue also climbed, growing 14% year-over-year to $6.5 billion for the quarter, as transaction volumes also grew.

Despite inflation and high interest rates, consumer spending across many categories has trended upward in recent months. For Mastercard, this has led to a boost in transaction volumes, particularly driven by increased spending in the travel and entertainment industries. This trend continued into the third quarter of the year, with Mastercard noting amount of purchases ma🏅de with Mastercard-branded cards grew 12%.

😼 Mastercard attributed some of its growth to a 17% jump in value-add serv👍ices such as fraud monitoring, security, and consulting.

“While macroeconomic and geopolitical uncertainty remains elevated, our diversified business model positions us well to capitalize on the substantial opportunities in payments and services,"  CEO Michael Miebach said in a statement.

Higher interest rates have also been a boon for payment processors like Mastercard, which is able to charge higher interest rates to its credit card customers in the process. However, the company forecast weaker revenue growth on uncertainty around interest rates and the economy.

Shares were down morꦇe than 4% Thursday mornꦦing, but are up more than 15% from this time last year.