Mastercard Q3 Profit Jumps on Robust Spending
Reuters2023-10-26
Mastercard on Thursday reported a rise in third-quarter profit, as consumer spent on travel and entertainment.
The company reported a profit of $3.2 billion, or $3.39 per share, for the three months ended Sept. 30, compared with $2.5 billion, or $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 U.S. 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% to $6.5 billion.
But stocks slid over 2% in premarket trading.
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