Mastercard's third-quarter profit soars 60% on spending recovery

Mastercard Inc reported a nearly 60% rise in third-quarter profit on Thursday, spurred by an improvement in domestic spending and a healthy recovery in cross-border spending. The payments giant's net income was $2.4 billion, or $2.44 per share, for the quarter ended Sept.


Reuters | Updated: 28-10-2021 18:03 IST | Created: 28-10-2021 17:38 IST
Mastercard's third-quarter profit soars 60% on spending recovery
Representative Image Image Credit: ANI

Mastercard Inc reported a nearly 60% rise in third-quarter profit on Thursday, spurred by an improvement in domestic spending and a healthy recovery in cross-border spending.

The payments giant's net income was $2.4 billion, or $2.44 per share, for the quarter ended Sept. 30, from $1.5 billion, or $1.51 per share, a year earlier. After more than a year of staying homebound, customers have started venturing out for travel, dining and other social activities made possible by vaccinations against the coronavirus, driving up spending volumes at payment companies like Mastercard.

On an adjusted basis, the company earned $2.37 per share. Analysts were expecting a figure of $2.19 per share on average, according to IBES data from Refinitiv. It was not immediately clear if estimates were comparable. Net revenue rose 30% to $5 billion in the quarter.

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