Mastercard profit rises on strong card spending by U.S. consumers
FILE PHOTO: A screen displays the company logo for Mastercard Inc. on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 29, 2024. REUTERS/Brendan McDermid/File Photo
(Reuters) -Mastercard’s first-quarter profit jumped on strong card spending as U.S. consumers kept up their splurging habits despite rising borrowing costs and persistent inflation.
Payments firms have benefited from resilient spending, thanks to wage growth and a tight labor market that has afforded job security to consumers.
Net revenue rose 10% to $6.35 billion in the quarter.
Profit stood at $3 billion, or $3.22 per share for the three months ended March 31, compared with $2.4 billion, or $2.47 per share, a year ago, the payments processor reported on Wednesday.
(Reporting by Mehnaz Yasmin and Niket Nishant in Bengaluru; Editing by Arun Koyyur)