Visa's first-quarter profit beat Wall Street estimates on Thursday, as easing concerns about an economic slowdown and discounts encouraged customers to splurge during the holiday shopping season. Retailers offered deep discounts on everything from apparel to toys and luxury products to lure cost-conscious consumers while online sales remained strong thanks to a boom in mobile shopping.

The card brand also touted its payments partnership with the social media platform X as evidence of strength in its partnership strategy.

Visa (V) earnings and revenue for the first quarter of its fiscal year exceeded consensus estimates as its payment volume rose 9% Y/Y and cross-border growth of 16% accelerated from the previous quarter.