Mastercard Inc's (NYSE:MA) shares were up almost 3% premarket after its second-quarter profit exceeded expectations with consumer spending trends holding up.
The company's profit was up 17% to $3.3 billion, or $3.50 per share, for the quarter ending June 30.
Excluding one-off costs, earnings were $3.59 per share, surpassing the estimated $3.51 and revenue grew 13% to $7 billion.
While Mastercard's peers noted slower growth, particularly among low-income customers, Mastercard reported a 10% increase in transaction value and a 17% rise in cross-border volume, indicating strong travel demand.
“We delivered another strong quarter across all aspects of our business with double-digit net revenue and earnings growth,” said Michael Miebach, Mastercard CEO.
Ahead of the bell, the stock was up $11.11 at $458.56.