MasterCard (NYSE:MA) shares surged more than 3% on Wednesday following the company's impressive fiscal Q2 performance, which exceeded market expectations for both earnings and revenue.

The company's earnings per share (EPS) for the quarter were reported at $3.59, outpacing the Street estimate of $3.51. Revenue reached $7 billion, marking an 11% increase from the previous year and surpassing the anticipated $6.85 billion. However, the operating margin came in at 58%, slightly below the projected 58.5%.

The company also saw a 17% rise in cross-border volumes, beating the expected 16.4%. Purchase volume was reported at $1.97 trillion, just shy of the $2.01 trillion estimate, and Gross Dollar Volume totaled $2.40 trillion, missing the $2.46 trillion expectation. Additionally, MasterCard experienced an 11% increase in switched transactions.

CEO Michael Miebach highlighted the company's robust quarterly performance, emphasizing the synergy between payments and services in driving significant value for customers and accelerating the transition to digital transactions.