News

Mastercard stock rises after second quarter revenue jumps 36 per cent

Mastercard stock rises after second quarter revenue jumps 36 per cent
Business
Mastercard (MA) shares rose Thursday after the credit card company reported stronger-than-expected second-quarter earnings amid booming consumer spending.

Revenue soared 36 per cent in the quarter to $4.5 billion (U.S.) from $3.3 billion last year. Analysts were expecting revenue of $4.37 billion.

Net income was $2.1 billion, or $2.08 a share, rising from $1.4 billion, or $1.41 a share, a year ago. Analysts anticipated $1.74 a share.

The stock was at $390 in premarket trading, up 2 per cent. It has climbed 18 per cent over the past six months.

“We delivered solid revenue and earnings growth this quarter, fuelled by the execution of our strategy and the continued recovery in domestic and cross-border spending,” said Michael Miebach, Mastercard’s chief executive.

“International travel is still in the early stages of recovery and represents additional upside potential. We continue to focus on diversifying our business and investing for sustained long-term growth.”

Last week, Mastercard announced in a press release that it will enhance its card program to make it easier for partners to create crypto cards for their clients.

Two weeks ago, Mastercard announced a partnership with mobile carrier Verizon (VZ) on global-payments technology. Terms weren’t disclosed.

Mastercard will combine its own network with Verizon’s 5G connectivity to drive solutions for the global-payments and commerce ecosystem. The two companies plan to innovate in contactless shopping and autonomous checkout technology.

Also two weeks ago, The Reserve Bank of India indefinitely barred Mastercard from issuing new credit or debit cards to domestic customers.
Read more on Toronto Star
News Topics :
RELATED STORIES :
Business
Shares of Domino’s Pizza DPZ jumped Thursday after the fast food pizza chain reported second quarter earnings ahead of estimates as domestic comparable sales were surprisingly strong. The Ann Arbor, Michigan,...
Business
TORONTO Three promising COVID 19 vaccine candidates may have spurred optimism from investors, but Royal Bank of Canada s chief executive is warning the country is not rid...
Business
Visa V shares rose Monday as the credit card giant announced a deal with Goldman Sachs GS that will allow the banking titan’s corporate customers to use Visa to make global...
Business
Shares of PVH Corp PVH rose on Wednesday after the apparel company’s better than expected fiscal second quarter earnings and revenue prompted price target boosts by Wall Street’s analysts. The company also raised its full...
Business
TORONTO Credit rating agency Equifax Canada says total consumer debt increased 2.8 per cent to $1.99 trillion in the second quarter amid a strong recovery in the housing market....