Visa Inc. raised its financial targets for the year as its quarterly results beat Wall Street expectations, driven by a higher number of transactions.

Profit surged to $2.06 billion, or 86 cents a Class A share, from $412 million, or 17 cents a share, a year earlier when results were hurt by charges related to the acquisition of its European operations. Net operating revenue rose 26% to $4.57 billion. Analysts surveyed by Thomson Reuters had expected profit of 81 cents a share on $4.36 billion in net operating revenue.

Visa shares, which have been trading at all-time highs, rose 1.2% to $99.37 after hours.

Operating expenses rose by 31% after adjustments, largely tied to the Visa Europe acquisition that the company completed in June 2016.

San Francisco-based Visa has delivered a string of earnings beats fueled by a growing credit-card market. Payments volume for the quarter rose 38% from a year earlier on a constant-dollar basis to $1.9 trillion, while total processed transactions rose 44% to 28.5 billion.