Finance

Mastercard profit beats on spending, travel revival



© Reuters. FILE PHOTO: A Mastercard logo is seen on a credit card in this picture illustration August 30, 2017. REUTERS/Thomas White//File Photo

(Reuters) – Mastercard (NYSE:) Inc reported a quarterly profit above analysts’ estimates on Thursday, as a rise in domestic spending and growth in cross-border volumes following an uptick in international travel drove higher transactions through its cards.

Over the past quarter, vaccination programs across the world gained steam, benefiting card companies such as Mastercard as people ventured out more and spent on travel and entertainment.

However, the recovery in spending was somewhat dented towards the end of the quarter with the spread of the Omicron coronavirus variant.

The company’s profit rose to $2.4 billion, or $2.41 per share, for the fourth quarter ended Dec. 31, from $1.8 billion, or $1.78 per share a year earlier.

On an adjusted basis, Mastercard earned $2.35 per share. Analysts had expected a profit of $2.21 per share, according to Refinitiv IBES data.

Net revenue rose 27% to $5.2 billion.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.