The credit card giant MasterCard Incorporated (MA) announced Friday that its first quarter profits fell 18 per cent on a year on year basis, but that they were still on track to beat analyst estimates.

First quarter net income dropped to $363.7 million from $446.9 million a year earlier as consumers reigned in on spending using credit card.

Net revenue slipped to $1.56 billion, from $1.82 billion last year.

Chief Executive Robert Selander said MasterCard had taken “considerable cost-reduction actions” to better navigate the economic challenges, but didn’t give any further details.

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