Mastercard (NYSE: MA) shares edged up 1% during premarket trading on Tuesday after the financial services giant reported first-quarter revenue of $3.9 billion, up 9% year-over-year, and higher than analysts’ projection of $3.88 billion. The top line growth was spurred by a 17% growth in switched transactions.
Fourth-quarter adjusted earnings of $1.78 per share also surpassed analysts’ projection of $1.66 per share.
In a steady rally, Mastercard shares have gained almost 30% so far this year. In the trailing 52 weeks, the stock has gained almost 39%.
CEO Ajay Banga said, “We continue to make significant progress, developing innovative new products with partners like Apple and Goldman Sachs, expanding the geographic footprint of our real-time payment solutions, and announcing several acquisitions to advance our cross-border payments, safety and security, and merchant engagement strategies.”
While Gross dollar volume (GDV) increased 12% to $1.5 trillion, purchase volume grew 12 during the quarter.
READ: SERVICES LIKELY TO DRIVE APPLE’S POST-EARNINGS STOCK MOVEMENT
Last week, rival Visa Inc (NYSE: V) reported an 8% growth in second-quarter revenues to $5.5 billion, while net income jumped 14% to $3 billion.
The quarterly results come on the heels of Visa beating Mastercard after months of intense pricing battle to finally buy Earthport for $320 million. With Mastercard backing out of the bidding, Visa will add the UK-based company that is a pioneer in cross-border payments.
(The story will be updated with an earnings infographic)
Listen to on-demand earnings calls and hear how management responds to analysts’ questions
Most Popular
Charles Schwab (SCHW) Q1 2024 Earnings: Key financials and quarterly highlights
The Charles Schwab Corporation (NYSE: SCHW) reported first quarter 2024 earnings results today. Net revenues decreased 7% year-over-year to $4.74 billion. Net income available to common shareholders was $1.25 billion,
GS Earnings: All you need to know about Goldman Sachs’ Q1 2024 earnings results
The Goldman Sachs Group, Inc. (NYSE: GS) reported its first quarter 2024 earnings results today. Net revenues were $14.21 billion, up 16% from the same period last year. Net earnings
Centuri Holdings takes the IPO route to expand. Here’s all you need to know
Utility infrastructure service provider Centuri Holdings, Inc. has initiated an initial public offering as it seeks to spin off from parent company Southwest Gas Holdings and become an independent entity.
