MasterCard shares were popping after the credit-card issuer reported better-than-expected earnings.

Mastercard (ticker: MA) posted adjusted earnings of $2.76 a share on $5.1 billion in adjusted net revenue, well above estimates calling for $2.18 in earnings per share and revenue of $4.91 billion.

Adjusted net income was $2.7 million, up 55% from the same period last year. Operating expenses increased 11% due to a 6-percentage point increase from acquisitions, and increased spending on advertising and personnel costs.

The uptick was driven by an increase in gross dollar volume and cross-border volume, with the former up 17% and the latter up 53% year over year as travel roars back.

"As of March, cross-border travel is above 2019 levels for the first time since the pandemic began, and ahead of our expectations," said CEO Michael Miebach in a press release.

Indeed, cross-border payments played a significant role in helping competitor Visa post an earnings beat for its second-quarter results, boosting the stock as much as 6% after it reported earnings on Tuesday.

Shares of Mastercard were up 3.2% to $373.15 in premarket trading.

Mastercard repurchased 6.8 million shares for $2.4 billion and paid $479 million in dividends.

As of March 31, the company had issued 2.9 billion Mastercard and Maestro-branded cards, the company said.