Americans continued to spend on entertainment and international travel during the holiday quarter, as a stronger dollar helped offset the impact of inflation and rising interest rates.

On a constant dollar basis, Visa's payment volumes rose 7% for the three months ended Dec. 31, 2022. That helped revenue at the world's largest payments processor jump 12% to $7.9 billion.

Excluding items, the San Francisco-based card company earned $2.18 per share, compared with analysts' average estimate of $2.01 a share, according to Refinitiv IBES data.