Payment network company Mastercard (MA) - Get Mastercard Inc. (MA) Report on Tuesday reported better-than-expected earnings and revenue amid strong transaction volumes and a boost from new products and services that are luring consumers and businesses to use more of its services. 

Mastercard said net income for the first quarter came in at $1.9 billion, or $1.80 a share, compared with $1.5 billion, or $1.41 a share, in the year-earlier quarter. Adjusted earnings per share were $1.78, up from $1.50 a year earlier and well above the $1.66 a share analysts surveyed by FactSet had been expecting.

Revenue rose to $3.89 billion from $3.58 billion, slightly ahead of analysts' forecasts of $3.85 billion.

TheStreet Recommends

"We're off to a very good start this year with strong revenue and earnings growth," Mastercard CEO Ajay Banga said in a statement, noting that the company is continuing to focus on new products and services with the likes of Apple (AAPL) - Get Apple Inc. (AAPL) Report and Goldman Sachs (GS) - Get Goldman Sachs Group, Inc. (GS) Report , expanding its real-time payment solutions, and making acquisitions to advance cross-border payments.

Separately, Mastercard said it repurchased some 8.7 million shares during the quarter at a cost of $1.8 billion and paid $340 million in dividends. Quarter to date through April 25, the company repurchased an additional 2 million shares at a cost of $467 million, leaving $4.5 billion remaining under current repurchase program authorizations.

The report helped pushed Mastercard shares higher on Tuesday, with the stock rising more than 3% to $254.76 in early trading in New York.

254.76 USD+7.67 (3.10%)

Apple and Goldman Sachs are holdings in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio.Want to be alerted before Cramer buys or sells AAPL or GS? Learn more now.