Mastercard (NYSE:MA) stock drifted down 1.9% in Thursday afternoon trading after the company turned in better-than-expected Q4 results. Its guidance, as usual, is a little murkier.

The company expects FY2023 revenue growth, on a GAAP basis, in the low teens, compared with Evercore ISI’s estimate of 12% and the Street’s estimate of 13%, according to analyst David Togut.

Meanwhile, the payment network’s outlook for 2023 adjusted operating expense growth at the low end of double-digits came in higher than the Evercore estimate of 6% and the Street consensus of 9%.

During Mastercard’s (MA) earnings call, CEO Michael Miebach said the company is watching the economy closely, “and should the outlook change, we’re prepared to move quickly to adjust our spending levels as we have done in the past.”

The company is focused on three strategic priorities, he said: Expanding in payments, extending its services, and embracing new networks.

For the year, the company forecasts a foreign exchange headwind of 1%.

On a non-GAAP currency neutral basis excluding acquisitions, Mastercard (MA) expects FY2023 net revenue growth in the high end of low double-digits and adjusted operating expense in the high-end of high-single digits.

Keybanc analyst Josh Beck sees the year revenue guidance, ex FX and acquisitions, as “largely consistent, if not a touch above Street expectations of 12.3% growth inclusive M&A and FX impacts.”

For Q4, Mastercard (MA) revenue came in “modestly above expectations (+0.4% above), led by better than expected transaction processing fees an cross-border revenue from favorable mix, FX-related revenue, and pricing, while partially offset by higher than expected rebates and incentives,” Beck said.

In a broader outlook, Truist analyst Andrew Jefferies sees Mastercard (MA) benefiting from the trend to increased payment digitization. “The bottom line is that its rails, data, infrastructure, applications, and value-added services make in an indispensable financial institution partner, in our opinion, solidifying its competitive advantage and supporting durable double-digit percentage organic revenue growth,” he wrote in a note to clients.

Ahead of the earnings, report SA contributor Daniel P. Varga analyzed which card network stock is the better buy.