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Despite surpassing expectations with its first-quarter earnings report, Mastercard Inc. (MA) has revised its full-year forecast downward, citing unfavorable foreign exchange rates as headwinds. Yahoo Finance's Josh Lipton and Akiko Fujita break down the details. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Angel Smith
Mastercard stock fell early Wednesday after the payments giant cleared first-quarter views but lowered its 2024 outlook.
Bolstered by healthy first-quarter global card-spending trends, Mastercard is focusing on opportunities outside the U.S., including a unique card-processing arrangement beginning this month in China.
Mastercard (MA) repurchases 4.4 million shares for $2 billion in the first quarter.
Mastercard Inc. (NYSE: MA) reported fiscal first-quarter net revenues of $6.35 billion, up 10% year over year and 11% year over year on a neutral currency basis, beating the consensus of $6.34 billion. Adjusted EPS rose 18% year over year to $3.31, exceeding the consensus of $3.24. Payment network net revenue rose 7% Y/Y (+8% Y/Y on a currency-neutral basis), led by growth in gross dollar volume (+10% Y/Y), cross-border volume (+18% Y/Y) and switched transactions (+13% Y/Y). Also Read: Mastercar
MA earnings call for the period ending March 31, 2024.
(Bloomberg) -- Mastercard Inc. cut a forecast for full-year revenue growth, citing foreign-exchange headwinds outside of the company’s control, as first-quarter spending on the payments giant’s network fell short of estimates. Most Read from BloombergTesla Axes Supercharger Team in Blow to Broader EV MarketNYPD Arrests Over 300 Protesters in Crackdown on College CampusesUS and Saudis Near Defense Pact Aimed at Reshaping Middle EastThe Ozempic Effect: How a Weight Loss Wonder Drug Gobbled Up an E
Mastercard First-Quarter Results Beat Views Despite Gross Dollar Volume Slowdown
The card firm reported first-quarter adjusted earnings of $3.31, beating Wall Street’s call for $3.25.
While the top- and bottom-line numbers for MasterCard (MA) give a sense of how the business performed in the quarter ended March 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.