MasterCard (MA) reports Q3 profit increase as cross-border volumes remain strong

MasterCard (NYSE: MA) shares have dipped around 3% Thursday on the back of its latest earnings release, which saw it miss consensus revenue expectations.

The payment processing giant reported Q3 EPS of $3.39, $0.18 better than the analyst estimate of $3.21. However, revenue for the quarter came in at $6.5 billion, up 11% YoY but below the consensus estimate of $6.53 billion.

“We delivered strong revenue and earnings growth again this quarter, reflecting the solid fundamentals of our business and the continued resilience in consumer spending," said Michael Miebach, Mastercard CEO.

MA's cross-border volumes increased 21% during the quarter, "reflecting the ongoing strength in both travel and non-travel cross-border spending,” added Miebach.

The company acknowledged that the macroeconomic and geopolitical uncertainty remains elevated, but believes its diversified business model positions it well to "capitalize on the substantial opportunities in payments and services.”

By Sam Boughedda

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