(Bloomberg) -- Visa Inc. reported a fiscal first-quarter profit that exceeded Wall Street estimates as the world’s biggest payments network posted double-digit increases in cross-border volumes and processed transactions.

Adjusted net income rose 11% to $5.46 billion, or $2.75 a share, the San Francisco-based company said Thursday in a statement. That beat the $2.66 average estimate of analysts surveyed by Bloomberg.

Net revenue for the quarter ended Dec. 31 climbed 10% to $9.51 billion. Cross-border volumes increased 16% and processed transactions rose 11%.

The results “reflected healthy spending during the holiday season,” Chief Executive Officer Ryan McInerney said in the statement. 

Shares of Visa rose 1.4% to $348 in extended trading at 4:11 p.m. in New York. The stock had gained 24% in the past 12 months, trailing the 32% advance for the S&P 500 Financials Index. 

Earlier Thursday, rival Mastercard Inc. also posted a profit that beat estimates, fueled in part by better-than-expected revenue growth.

On Tuesday, Visa announced a new partnership with Elon Musk’s X as the social-media network aims to expand its financial services offerings. Visa will help consumers load money into their digital wallets and link debit cards to enable transactions between X Money users.

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