Mastercard Inc (NYSE:MA) shares moved higher on Thursday after the electronic payments giant posted a second-quarter earnings beat driven by resilient consumer spending despite continued high inflation and rising interest rates.
The New York-based company posted an adjusted profit of $2.7 billion or earnings per share of $2.89, above the consensus analyst expectation of $2.84, per Zacks Consensus Estimate.
Revenue grew 14% year-over-year to $6.3 billion, topping the Street forecast of $6.17 billion.
As the travel industry rebounds, Mastercard’s cross-border volume increased by 24% over the year-ago quarter on a local currency basis.
The company’s CEO Michael Miebach noted that during 2Q its cross-border travel volume reached 154% of pre-pandemic levels.
“We delivered strong revenue and earnings growth supported by resilient consumer spending, particularly in travel and experiences, and the continued strength in services,” he said in a statement.
Mastercard shares were 0.6% higher at $405 in pre-market trading on Thursday.
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