The company reported second-quarter net income of $2.1 billion, or $2.08 a share, up from $1.4 billion, or $1.41 a share, in the year-prior quarter. CEO says international travel is still in ‘early stages’ of recovery.
Mastercard’s revenue increased to $4.53 billion from $3.34 billion, while analysts were modeling $4.37 billion. The company pointed to a continued spending recovery both domestically and in the cross-border category. “In terms of how people are spending, they are definitely getting out more as we’re seeing improvement in card-present spending, particularly in the travel, retail and restaurant categories, while e-commerce continues to be strong,” Chief Executive Michael Miebach said on Mastercard’s earnings call, speaking of in-person spending. He also pointed to “improvements in both domestic and cross-border travel with significant upside potential.”