Excluding a special item related to the settlement of a consumer protection suit, the company earned $243 million, or $1.87 per share, in the fourth quarter. On that basis, analysts had expected $1.61 per share, according to Reuters Estimates.

Revenue increased 14.2 percent to $1.2 billion, boosted by higher prices.

"I think the numbers look pretty good on the surface -- revenue growth of double digits and very good expense control," said Ken Crawford, senior portfolio manager at Argent Capital Management.

MasterCard "is not immune to the economic slowdown by any means, but the ability to generate 8 (percentage) points of revenue growth through prices is very unique," he added.

The company said 2009 net revenue growth will likely fall short of its long-term objective of 12 percent to 15 percent.

"The economic environment remains challenging, with businesses, governments and consumers around the world rethinking how finances are managed," MasterCard Chief Executive Robert Selander said in a statement.

The company's bigger rival, Visa Inc , posted better-than-expected quarterly earnings on Wednesday but lowered its revenue growth forecast, citing tougher economic conditions for 2009.

Purchase, New York-based MasterCard reported a 21 percent decline in net earnings, hit by a slowdown in U.S. consumer spending. Revenue growth slowed from recent quarters.

Net earnings fell to $239.4 million, or $1.84 a share, from $304.2 million, or $2.26 a share, a year earlier.

Gross dollar volume increased 3.4 percent to $605 billion on a local currency basis, but the growth was slower than in recent quarters. Purchase volume grew only 3.1 percent, hit by lower use of credit cards in the United States and a slowdown in Europe, Canada, Asia and Latin America.

MasterCard shares were up 4.3 percent at $146.25 in premarket trading.

(Reporting by Juan Lagorio; Editing by John Wallace)