Suryaa Business Desk: Global payments giant Mastercard has surprised the market by recording phenomenal financial results in the latest quarter.... Global payments giant Mastercard has surprised the market by recording extraordinary financial results in the latest quarter. The company's revenue grew significantly as consumer spending patterns around the world continued to stabilize, wages rose and international travel and cross-border transactions picked up momentum. Economists are analyzing that MasterCard's strong results, defying Wall Street's expectations, are a reflection of the strength of the global economy.
In the recently ended third quarter, Mastercard's net revenue grew about 14 percent to $9.81 billion. The company reported adjusted diluted earnings per share (EPS) of $5.31, beating market expectations. Similarly, the company revealed that the net income increased by 18 percent to 4.6 billion dollars, while the operating margins also showed better growth. Along with payment network revenues, value-added services have grown by 19 percent.
Global gross dollar volume (GDV) rose 7 percent to nearly $3 trillion, the company said, driven by a further surge in the use of contactless payments. Consumers' reluctance to spend on shopping and travel, even amid inflation and economic uncertainty, has proven to be a major strength of payment networks. On the back of these positive developments, investors are cheering as Mastercard shares hit new highs with significant gains in the stock market.
