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.”

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