Photographer: Daniel Acker/Bloomberg

Cardholder spending on Visa Inc. and Mastercard Inc. networks didn't hold up as well as analysts predicted during the last three months of 2018 amid the U.S. government shutdown, President Donald Trump's burgeoning trade war and a strengthening U.S. dollar.

Customers spent $2.2 trillion on Visa's network in the company's fiscal first quarter, below the $2.27 trillion analysts at Sandler O'Neill & Partners anticipated. At Mastercard, spending on the firm's network rose 14% to $1.55 trillion, just below the $1.56 trillion that Sandler O'Neill analysts predicted.

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