Mastercard profit jumps on robust cross-border spending

Mastercard Inc (MA.N) reported a higher first-quarter profit on Thursday, buoyed by a surge in cross-border spending that helped payment volumes climb.

The company’s profit rose to $2.6 billion, or $2.68 per share, for the three months ended March 31 compared to $1.8 billion, or $1.83 per share, a year earlier.

Even as new variants of the coronavirus threaten to upend travel recovery, Mastercard has continued to see a jump in cross border spending.

Excluding one-time costs, the New York-based company reported earnings of $2.76 per share. Analysts on average had expected $2.17 per share, according to Refinitiv.

It was not immediately clear if the reported numbers were comparable to estimates.

Mastercard’s net revenue rose 28% on a currency neutral basis to $5.2 billion.

Reporting by Niket Nishant in Bengaluru; Editing by Arun Koyyur

Reuters

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