Mastercard's stock dropped 5% on Thursday after reporting third-quarter earnings and a downbeat forecast to end the year. The card company is on pace for its largest one-day percentage decrease since May 2022, according to Dow Jones Market Data.
Mastercard said consumer spending for the month of October was decelerating and posted a weaker-than-expected fourth-quarter forecast. The company reported net revenues of $6.5 billion, up 14% compared to the same timeframe a year ago. Earnings came to $3.39 per share, beating analysts’ expectations of $3.21 as polled by FactSet.
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