Mastercard Inc. shares were falling toward their worst day in two years Thursday as investors appeared uneasy with the company’s disclosure of a sequential growth slowdown for the month of October.
Additionally, he called out a difference in the timing of Social Security payments in the U.S. Last year, the payment took place in October, but this year it happened in late September, offering a tailwind to September-quarter results but meaning that people had less of that money to spend once October began.
“While macroeconomic and geopolitical uncertainty remains elevated, our diversified business model positions us well to capitalize on the substantial opportunities in payments and services,” Chief Executive Michael Miebach said in a release. He noted “continued resilience in consumer spending” that was seen during the third quarter.
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Mastercard earnings top estimates, but stock slips amid October spending slowdownSwitched transaction growth was 15% in the third quarter but only 12% in the first three months of October
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