Mastercard Inc (NYSE:MA) has reported first-quarter revenue growth that beat market expectations as consumer spending remained resilient and the cross-border travel market continued to recover.
The payment solutions company grew revenue by 11% to $5.7 billion for the three months to March 31, 2023 - and 14% on a currency-neutral basis - beating the $5.64 billion expected by Wall Street.
Net income fell 10% to $2.4 billion, with diluted earnings per share (EPS) of $2.47, declining 8% from a year earlier. On an adjusted basis, EPS rose 1% to $2.80, above Street estimates of $2.72.
“We are actively managing the business to capitalize on the significant digital payment and services opportunities ahead, and stand ready to navigate through any headwinds,” CEO Michael Miebach said in an earnings statement. “We are making sure people and businesses can use their Mastercard when and where they want, now surpassing 100 million acceptance locations worldwide.
During the quarter, the company said it spent $2.9 billion on the repurchase of 8 million shares and paid $545 million in dividends.
As of March 31, 2023, it said its customers had issued 3.2 billion Mastercard and Maestro-branded cards.
“As we look to the future, I believe our focused strategy, diversified business model, and our relationships around the globe position us very well,” Miebach added.
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