(Bloomberg) -- Mastercard Inc. shares fell after the payments network predicted fourth-quarter revenue growth that’s below analysts’ forecasts, even as consumers continued robust spending on their credit and debit cards amid rising interest rates.

The company expects to post net revenue growth in the low double digits for the remainder of the year, lower than the 14% analysts predicted for the period. Still, purchase volume on the firm’s cards surpassed forecasts for the third quarter, rising 12% to $1.88 trillion for the three months ended Sept. 30, Mastercard said in a statement Thursday.

Shares of Purchase, New York-based Mastercard fell 5.1% to $366.48 at 12:05 p.m. in New York. 

“We delivered strong revenue and earnings growth again this quarter, reflecting the solid fundamentals of our business and the continued resilience in consumer spending,” Chief Executive Officer Michael Miebach said in the statement. “While macroeconomic and geopolitical uncertainty remains elevated, our diversified business model positions us well to capitalize on the substantial opportunities in payments and services.”

Consumers have so far bucked analysts’ expectations, spending more on travel and entertainment even amid rising rates and the threat of an economic slowdown. Mastercard said cross-border volumes increased 21%, reflecting robust travel and non-travel cross-border spending. Rival Visa Inc. reported quarterly profit that beat Wall Street estimates this month.

“The reality is, consumers are still exercising their comfort around their employment status with their spending,” Chief Financial Officer Sachin Mehra in a telephone interview. Spending on experiences such as travel has remained strong, though individual consumers use their cards in different ways, he said. “Whether they spend a dollar on a home appliance or on food, to us, it’s kind of one in the same.”

Mastercard’s operating expenses ticked up about 2% to $2.7 billion from a year earlier amid acquisitions and higher personnel costs, though that was lower than analysts predicted. The company expects fourth-quarter operating expense growth at the high end of high single digits, it said.

Mastercard also reported net income of $3.2 billion, or $3.39 a share, surpassing analysts’ expectations. 

--With assistance from Bre Bradham.

(Updates with CFO’s comments in sixth paragraph.)

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