Mastercard profit drops as pandemic hits consumer spending

[BENGALURU] Mastercard on Thursday reported a 30 per cent slump in quarterly profit as fewer people used its cards during the Covid-19 pandemic, hitting spending volumes for the payment processor.

Net income fell to US$1.4 billion, or US$1.41 per share, in the second quarter ended June 30, from US$2 billion, or US$2 per share, a year earlier.

REUTERS