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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MasterCard Incorporated | NYSE:MA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.11 | 0.25% | 449.79 | 453.00 | 447.26 | 449.44 | 1,616,426 | 01:00:00 |
By Imani Moise
Mastercard Inc. reported higher-than-expected sales and profit in the most recent quarter as the company continued to benefit from increased spending driven by higher consumer confidence.
Shares climbed 4.7% to $188.68 during premarket trading, putting the stock on track to open above its record closing price of $183.24 set last month and its intraday high of $183.73.
Earlier this year, the Federal Reserve Bank of New York reported that U.S. households are carrying the highest levels of debt on record, adding about $26 billion to credit-card balances in the final months of 2017. Consumer confidence, as measured in one index, also reached a 14-year high in March as people reported feeling more optimistic about the economy.
Gross dollar volume, or the total value of all transactions using the company's credit cards, rose 14% to $1.42 trillion, while purchase volume increased 14% to $1.04 trillion.
The payment giant said revenue jumped 31% to $3.58 billion, topping the $3.25 billion forecast by analysts. The company's top-line was helped by acquisitions and an increase in cardholders using their cards outside of the country they are issued in. Cross-border volume fees surged 21% during the quarter.
The company ended the quarter with 2.4 billion Mastercard and Maestro-branded cardholders.
Over all for the quarter, the Purchase, N.Y., company reported a profit of $1.49 billion, or $1.41 a share, up from $1.08 billion, or $1 a share, a year earlier. On an adjusted basis, earnings rose to 49% to $1.50 a share, compared with the $1.25 projected by Thomson Reuters.
Mastercard's stock has gained 19% so far this year while the S&P 500 has inched 0.7% lower.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
May 02, 2018 09:32 ET (13:32 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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