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Mastercard Inc. became the latest payments company to call out healthy spending levels as the financial-technology giant beat profit expectations for its latest quarter.
The company logged second-quarter net income of $2.8 billion, or $3.00 a share, up from $2.3 billion, or $2.34 a share, in the year-before quarter. On an adjusted basis, Mastercard
MA,
earned $2.89 a share, up from $2.56 a year earlier and ahead of the FactSet consensus, which was for $2.83.
Revenue rose to $6.3 billion from $5.5 billion, while analysts were anticipating $6.2 billion.
More from MarketWatch: Mastercard moves to stop cannabis purchases with its debit cards
Gross dollar volume rose 12% in the quarter on a local-currency basis, while cross-border volume was ahead 24%. Switched transactions increased by 17%.
“We delivered strong revenue and earnings growth supported by resilient consumer spending, particularly in travel and experiences, and the continued strength in services,” Chief Executive Michael Miebach said in a release. He noted that cross-border travel volume was 154% of prepandemic levels.
Mastercard is the last of the big three payments players to post results, following American Express Co.
AXP,
and Visa Inc.
V,
both of which also called out healthy spending.
See also: Visa earnings benefit from ‘resilient’ spending
Read: Why American Express is feeling good about credit, even as it builds reserves
Shares of Mastercard ticked 0.3% higher in Thursday’s premarket action following the report.
Don’t miss: American Express’s millennial-spending boom could cool amid student-debt repayments, says analyst
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