Mastercard (NYSE:MA) saw cross-border volume growth moderate in the last quarter of the year as gross dollar volume stayed stable, the company said Thursday. Q4 earnings declined from the previous quarter, but still came in better than the Street consensus.

So far in the beginning of 2023, growth rates have been picking up. Cross-border volume rose 42% Y/Y vs. 31% for Q4 and switched volume gained 12% Y/Y through Jan. 21 vs. 8% for Q4.

Q4 adjusted EPS of $2.65, topping the $2.58 consensus, slipped from $2.68 in Q3 and climbed from $2.35 in Q4 2021.

Q4 gross dollar volume of $2.1T, unchanged from Q3 and up 8% Y/Y.

Mastercard (MA) stock fell 1.2% in premarket trading.

Cross-border volume growth rose 30% Y/Y, local currency basis; compares with 44% in the prior quarter.

Switched transactions increased 8% Y/Y vs. +9% Y/Y in Q3.

Q4 adjusted operating expenses of $2.6B, vs. $2.4B in Q3 and $2.4B in Q4 2021.

Q4 adjusted operating margin of 55.0% vs. 57.7% in the prior quarter and 54.2% in the year-ago quarter.

Q4 net revenue of $5.82B, exceeding the $5.79B consensus, rose from $5.76B in Q3 and from $5.22B in Q4 2021.

Conference call at 9:00 AM ET.

Earlier, Mastercard (MA) non-GAAP EPS of $2.65 beats by $0.07, revenue of $5.8B beats by $10M