Mastercard Q3 profit rises

MASTERCARD on Thursday (Oct 26) reported a rise in third-quarter profit, as consumer spent on travel and entertainment.

The company reported a profit of US$3.2 billion, or US$3.39 per share, for the three months ended Sept 30, compared with US$2.5 billion, or US$2.58 per share, a year earlier.

Wage growth has helped customers persist with their spending habits on travel, shopping and entertainment despite still high inflation.

A growing belief that the US Federal Reserve can engineer a soft landing – a scenario where growth slows and inflation is brought under control without a recession – is also helping sentiment.

Net revenue rose 14 per cent to US$6.5 billion. REUTERS