Mastercard Profit Boosted by Card
Customers Traveling Abroad
Mastercard Inc. was a hit with tourists last quarter.
Customers spent more with the firm’s plastic when they traveled abroad in the first three months of the year, aided by a weakening U.S. dollar. Cross-border volume on Mastercard’s network climbed 32 percent in the quarter, the fastest clip in at least two years, the Purchase, New York-based firm said Wednesday in a statement.
As cross-border spending climbed, the firm raised its guidance for full-year revenue growth to a percentage in the “low 20s.” It previously said revenue would grow at “the low end of high-double digits.”
Mastercard rose 2.8 percent to a record $185.33 at 11:41 a.m. in New York. The shares have jumped 22 percent this year, compared with the 5.1 percent advance of the 69-company S&P 500 Information Technology Index.
“People love to buy stuff here and they’re spending more in the U.S.,” especially with the weaker dollar, Chief Financial Officer Martina Hund-Mejean said in a telephone interview. “We also have seen some strong outbound purchasing behavior by Americans who are either traveling or purchasing goods overseas.”
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BY Jennifer Surane
Bloomberg
May 2, 2018, 9:18 PM
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