Mastercard tops profit expectations as resilient spending boosts transaction volumes
MA•Mastercard reported adjusted profit of $5.31 per share, above analysts’ $5.16 estimate, as cross-border volumes rose 11% in the quarter. The company said consumer spending and business investment continued despite economic and geopolitical uncertainty.
1. Profit tops estimates
Mastercard reported adjusted profit of $5.31 per share, surpassing analysts’ average estimate of $5.16. CEO Michael Miebach told analysts that consumers continued to spend, businesses continued to invest and commerce continued to expand despite economic and geopolitical uncertainties.
2. Cross-border volumes rise
Cross-border volumes, which track spending on cards outside the country where they were issued, jumped 11% in the quarter. The article said the second half of the FIFA World Cup, held from June 11 to July 19, supported cross-border payment metrics for card networks, buffering a hit to travel from escalating Middle East tensions.
