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April 29, 2020Blog Posts

Mastercard stock gains after earnings top expectations amid COVID-19

MarketWatch

Mastercard Inc. shares MA, +6.96% are up 3.4% in premarket trading Wednesday after the credit-card giant topped earnings and revenue expectations for its first quarter. The company posted net income of $1.7 billion, or $1.68 a share, down from $1.9 billion, or $1.80 a share, in the year-earlier quarter. Adjusted earnings per share rose to $1.83 from $1.78, whereas analysts surveyed by FactSet were expecting $1.72 a share. Net revenue for the quarter increased to $4 billion from $3.89 billion. The FactSet consensus called for $3.96 billion. Gross dollar volume and purchase volume each rose 8%. Chief Executive Ajay Banga said in a release that the COVID-19 outbreak has led to “a very trying time” but that Mastercard has “seen early signs of spending levels stabilizing.” Shares have declined 17% over the past three months as the S&P 500 SPX, 3.09% has fallen 13%.

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