Much like Visa and American Express, Mastercard reports consumers are not dramatically cutting back despite higher prices due to inflation during 2022 and 2023.
For the quarter ending June 30, Mastercard reported net revenue of $7 billion, up 11% from $6.3 billion in the second quarter of 2023. It also reported earnings per share of $3.50, up 17% from $3.00 the prior year, and net income of $3.3 billion, up 17% from $2.8 billion in 2023. That was largely in line with analysts’ projections of $3.51 and $6.9 billion, according to investment research from Zacks.
“We delivered another strong quarter across all aspects of our business with double-digit net revenue and earnings growth,” Mastercard CEO Michael Miebach said in a release. The card network also reported cross-border volume growth of 17%, and net revenue for non-payment services such as security, technology and consulting increased 19% on a currency-neutral basis. “These results reflect how payments and services enable each other to create differentiated value for our customers and help us realize even more of the shift to digital.”
For the first quarter,
Other payment companies also reported strong consumer spending.