Shares of Mastercard Inc.
were dipping 0.8% in premarket trading Thursday, though the payments giant topped expectations with its latest revenue and earnings numbers. The company generated third-quarter net income of $2.50 billion, or $2.58 a share, compared with $2.41 billion, or $2.44 a share, in the year-earlier period. After adjustments, Mastercard earned $2.68 a share, up from $2.37 a share a year before, whereas analysts tracked by FactSet were looking for $2.58 a share. Mastercard’s revenue climbed to $5.76 billion from $4.99 billion and exceeded the FactSet consensus, which was for $5.65 billion. While Mastercard revenue rose 15%, it was up 23% on a currency-neutral basis. The company’s gross dollar volume increased 11% on a local-currency basis in the third quarter, and Mastercard saw a 9% rise in switched transactions. Cross-border volume jumped by 44%. “Consumer spending remains resilient and cross-border travel continues to recover,” Chief Executive Michael Miebach said in a release. Mastercard will “continue to monitor impacts related to elevated inflation and other macroeconomic and geopolitical risks.”
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