FXEMPIRE
All
Ad
Advertisement
Advertisement
Reuters
Add to Bookmarks
FILE PHOTO: Credit card is seen in front of displayed Master Card logo in this illustration

The company’s shares rose about 2% in premarket trading as the upbeat results rounded out a positive quarter from payment processors including Visa Inc and American Express Co.

Mastercard’s cross-border volumes, which track spending on its cards beyond the country of issue, rose 58% on a local currency basis, driven by a pickup in international travel.

Advertisement
Know where the Market is headed? Take advantage now with 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Volumes had plunged 45% in the same period a year ago.

“International travel is still in the early stages of recovery and represents additional upside potential,” Chief Executive Officer Michael Miebach said in a statement.

Cross-border volumes were the biggest headwind for Mastercard last quarter as COVID-19 travel curbs and border restrictions dampened international spending. The metric tumbled 17% at Mastercard in the previous quarter compared with an 11% fall at Visa.

Consumer spending saw a spike during the quarter due to massive government stimulus packages, sending Mastercard’s gross dollar volumes, or the dollar value of the transactions processed, up 33% on a local currency basis to $1.9 trillion.

Net income, excluding exceptional items, rose to $1.9 billion, or $1.95 per share, from $1.4 billion, or $1.36 per share a year earlier.

Analysts on average had expected a profit of $1.75 per share, according to Refinitiv IBES data.

(Reporting by Sohini Podder in Bengaluru; Editing by Saumyadeb Chakrabarty)

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker