Mastercard Inc. topped expectations with its second-quarter results Thursday amid a continued recovery in spending trends.
The company reported second-quarter net income of $2.1 billion, or $2.08 a share, up from $1.4 billion, or $1.41 a share, in the year-prior quarter. After adjustments, Mastercard
earned $1.95 a share, up from $1.36 a share a year earlier and ahead of the FactSet consensus, which called for $1.74 a share.
Mastercard’s revenue increased to $4.53 billion from $3.34 billion, while analysts were modeling $4.37 billion. The company pointed to a continued spending recovery both domestically and in the cross-border category.
“International travel is still in the early stages of recovery and represents additional upside potential,” Chief Executive Michael Miebach said in a release.
Shares were up 0.4% in premarket trading Thursday.
Gross dollar volume for Mastercard was up 33%, while switched transactions grew 41%. Cross-border volume rose 58%.
Mastercard’s report comes after Visa Inc.
posted its own results Tuesday afternoon, showing improvements in spending categories like travel and entertainment but more room for recovery in the cross-border category. Visa’s stock had dipped 1.6% in Wednesday’s session while Mastercard’s fell 1.8%.
Shares of Mastercard have lost 1.4% over the past three months as the S&P 500
has gained 5.2%.