By Allison Prang
Mastercard Inc.'s profit fell, hurt by losses on equity investments, but its revenue and adjusted profit rose more than Wall Street was expecting.
The company said earnings in the first quarter were $1.69 billion, or $1.68 a share. Those results decreased from $1.86 billion, or $1.80 a share. The company reported $174 million in net losses on equity investments, which hurt net income.
Adjusted earnings were $1.83 a share and topped the FactSet consensus of $1.72 a share.
Revenue at the card company rose over 3% to $4.01 billion. Analysts were expecting $3.96 billion.
Mastercard logged a 5.5% rise in value of card transactions -- known as gross-dollar volume -- in the first quarter.
"We have seen early signs of spending levels stabilizing," Chief Executive Ajay Banga said in prepared remarks about the effects of the new coronavirus pandemic.
The company also said it has halted share buybacks because of the pandemic. Mastercard pulled its guidance for the fiscal year last month for the same reason.
The company's operating expenses rose over 7%. Its costs included a $6 million litigation provision. While general and administrative costs increased, the company's advertising and marketing expenses declined.
Shares rose 3.3% in premarket trading.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
April 29, 2020 09:08 ET (13:08 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc."though" - Google News
April 29, 2020 at 08:08PM
https://ift.tt/2yVBEm4
Mastercard's Profit Falls, Though CEO Says Spending Is 'Stabilizing' - Morningstar.com
"though" - Google News
https://ift.tt/2FnFft4
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Mastercard's Profit Falls, Though CEO Says Spending Is 'Stabilizing' - Morningstar.com"
Post a Comment