Mastercard Inc. (MA.N) is sticking by its outlook for 2019 even though spending growth on its cards slowed in the first quarter.

-Adjusted net revenue for the year will climb by a percentage in the “low teens” as expenses increase by a percentage in the “high end of high single digits,” the company said Tuesday, reaffirming previous guidance.

Key Insights

-While Mastercard has been investing in its cross-border payments capabilities, the firm has warned that a stronger U.S. dollar as well as a drop-off in cryptocurrency purchases would cause overseas spending on its network to moderate. Those warnings finally came to fruition: Cross-border payments climbed just 13 percent in the quarter, the smallest increase in at least two years of data provided by the network.

-Mastercard had to spend more to lure retailers and banks to use its products. The firm offered $1.74 billion in rebates and incentives, in line with the $1.73 billion average of analyst estimates compiled by Bloomberg.

Market Reaction

-Mastercard shares climbed 0.9 percent at 8:14 a.m. in early New York trading. The shares have gained 31 per cent this year, compared with the 27 per cent advance of the S&P 500 Information Technology Index.