Mastercard profit jumps on robust cross-border spending
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MASTERCARD Inc reported a higher first-quarter profit on Thursday (Apr 28), buoyed by a surge in cross-border spending that helped payment volumes climb.
The company’s profit rose to US$2.6 billion, or US$2.68 per share, for the 3 months ended Mar 31 compared to US$1.8 billion, or US$1.83 per share, a year earlier.
Even as new variants of the coronavirus threaten to upend travel recovery, Mastercard has continued to see a jump in cross-border spending.
Excluding one-time costs, the New York-based company reported earnings of US$2.76 per share. Analysts on average had expected US$2.17 per share, according to Refinitiv.
It was not immediately clear if the reported numbers were comparable to estimates.
Mastercard’s net revenue rose 28 per cent on a currency neutral basis to US$5.2 billion. REUTERS
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