Mastercard earnings rise as company calls out strong spending 'across the board'

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.”

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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 If Elon Musk privatizes Twitter, removed the bots, and removes the censorship… I would pay $5 a month for Twitter. Will be interesting if they give some details of the audit. I'd be sweating bullets if I was a twitter engineer. Elon's guys code for self driving cars, a one of a kind low orbit satellite system and freaking space ships. Twitter coders run a silly social media algo. Interesting scenario ❤️
Source: IntEngineering - 🏆 287. / 63 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. 🏳️‍🌈👇🏼🏳️‍🌈
Source: MarketWatch - 🏆 3. / 97 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. Biden economy.
Source: MarketWatch - 🏆 3. / 97 Read more »