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Mastercard profit beats on spending, travel revival -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – This August 30th, 2017 picture illustrates a Mastercard logo on a credit card. REUTERS/Thomas White//File photo

(Reuters] Mastercard Inc. (NYSE:) announced a quarter-end profit higher than expected. The increase in domestic spend and the growth of cross-border volume following an increase in international travel led to more transactions using its cards.

The past quarter saw vaccination programs around the globe gain momentum, which was good news for card companies like Mastercard, as more people traveled and spent money on entertainment and travel.

The spread of Omicron coronavirus at the end of quarter hampered spending recovery.

For the quarter that ended December 31, profit was $2.4 billion (or $2.41/share), up from $1.78/share a year prior.

Mastercard made $2.35 per share on an adjusted basis. Refinitiv IBES data shows that analysts expected Mastercard to earn $2.21 per share.

The net revenue rose 27%, to $5.2 million

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