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(Sharecast News) - Mastercard delivered a solid set of Q2 results on Thursday, with growth across key metrics driven by resilient consumer spending and continued strength in cross-border transactions.
Revenue rose 17% year-on-year to $6.9bn, while net income climbed 12% to $3.9bn and adjusted earnings per share came in at $4.15, comfortably ahead of consensus estimates.
Gross dollar volume rose 10%, with cross-border volume up 18%, reflecting strong international travel and ecommerce trends, while switched transactions increased 12%.
However, operating expenses rose by 15%, principally due to higher personnel costs and continued investment in technology and cybersecurity. Despite the increase, operating margins remained healthy at 57.5%.
CEO Michael Miebach said: "Our momentum of deal wins continued this quarter, including the extension of our exclusive partnership with American Airlines.
Overall, the second quarter was another strong one for Mastercard, with net revenue growth of 17% year-over-year, or 16% on a currency-neutral basis. These results reinforce how our teams are executing every day and delivering value in every transaction and beyond. We're well-positioned for the opportunities ahead and continue to drive new innovation like the Mastercard Collection and Mastercard Agent Pay."
As of 1500 BST, Mastercard shares were up 2.33% at $575.30 each.
Reporting by Iain Gilbert at Sharecast.com
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