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Mastercard falls as slump in travel hits earnings

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Cross-border fees slide 48% in the third quarter while the widespread shift to e-commerce helps boost spending on the firms’ cards

Mastercard shares dropped after the company reported revenue that fell short of analysts’ estimates, pinched by a persistent slump in foreign travel.

Mastercard and Visa have seen their stocks battered during the coronavirus pandemic, which prompted economies around the world to shutter and stifled global travel. At the same time, the widespread shift to e-commerce has helped boost spending on the firms’ cards in recent months. Spending with the payment method climbed 13% in the third quarter, topping analysts’ estimates and helping to counter a decline in credit-card use. It was also enough to help Mastercard post a surprise increase in purchase volume.

 

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