Mastercard's latest quarterly revenue and earnings figures highlight strong consumer spending as the company topped the $5.65 billion that analysts were anticipating.
Mastercard Inc. became the latest payment-technology company to highlight strong spending as it topped expectations with its latest earnings numbers.
“We’re not a pure play in any one consumer category of spend,” he said. “That diversification benefit is what’s showing up in the numbers.” The company saw a 9% increase in switched transactions during the quarter, and cross-border volumes rose 44%. Mastercard reported net income for the third quarter of $2.50 billion, or $2.58 a share, compared with $2.41 billion, or $2.44 a share, in the year-ago period. On an adjusted basis, it earned $2.68 a share, up from $2.37 a share a year before, while analysts tracked by FactSet had been expecting $2.58 a share.
RBC Capital Markets analyst Daniel Perlin wrote that the outlook was “burdened by FX [foreign exchange] and incentive fees.”“The nominal 4Q guidance falling below consensus may hurt the stock today,” Mizuho analyst Dan Dolev wrote. “However, we believe that there is nothing wrong with being prudent. Visa noted recession worries but kept an overly upbeat guide.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Serena Williams headlining Girls Inc.’s 50th Anniversary Gala at the VBCOne of the greatest tennis players of all time will be in Alabama Thursday headlining Girls Inc.’s 50th Anniversary Gala at the Von Braun Center in Huntsville.
Read more »
Trump attorney Alina Habba joins MAGA Inc.Attorney Alina Habba has become a senior adviser for former President Donald Trump's new MAGA Inc. political action committee as she spearheads prominent legal squabbles for him in the courtroom.
Read more »
Elon Musk sends in Tesla engineers to Twitter HQ to assess company's codeElon Musk, owner of Tesla Inc. asked engineers from that company to meet with product leaders at Twitter Inc, to assess company code systems
Read more »
20-year-old investor who made $110 million on a meme stock is now pushing for change at psychedelics company MindMedAfter making $110 million trading shares of troubled retailer Bed Bath & Beyond, this 20-year-old investor is pushing for faster drug development and lower drug costs at a psychedelics company.
Read more »
Zillow confirms more layoffs amid housing-market slowdownZillow Group Inc. confirmed layoffs Wednesday, as the real-estate services company grapples with a slowdown in the housing market.
Read more »
SK Hynix adds to evidence that the chip glut is here to stay for a whileSK Hynix Inc. added to concerns Wednesday that the semiconductor industry has entered a glut as the chip maker missed expectations for the quarter and...
Read more »