Salem Radio Network News Saturday, May 21, 2022

Business

Mastercard profit beats on spending, travel revival

(Reuters) – Mastercard 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.

(Reporting by Sohini Podder in Bengaluru; Editing by Shounak Dasgupta)

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