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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • Coldastone17
    2023-10-26
    Coldastone17
    Drop?? Shorts in place. Market getting bad
Leave a comment
1
1