Mastercard beats profit estimates on resilient spending

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Mastercard, which has a bigger exposure to Asia Pacific than peer Visa Inc (NYSE:V), benefited from the reopening of borders and pent-up demand for travel in the region, helping it offset the hit from 10% higher costs in the quarter.

“While macroeconomic and geopolitical uncertainty persists, consumer spending has been remarkably resilient,” Chief Executive Michael Miebach said in a statement. 

Excluding one-time items, the New York-based card company earned $2.65 per share for the three months ended Dec. 31, compared with analysts’ average estimate of $2.58 per share, according to Refinitiv IBES data.

Net revenue climbed 12% to $5.8 billion.