(Reuters) – Mastercard on Thursday reported a rise in second-quarter profit, boosted by resilient spending in a turbulent economy.
The New York-based credit card company earned $2.8 billion, or $3 per share, for the three months ended June 30, compared with $2.3 billion, or $2.34 per share, a year earlier.
Unfazed by stubborn inflation and a stormy economic environment, Mastercard’s customers continued to spend heavily on travel and entertainment even as rate hikes by the Federal Reserve have increased the odds of a recession later this year.
Net revenue grew 14% to $6.3 billion from a year earlier.
(Reporting by Niket Nishant in Bengaluru; Editing by Shinjini Ganguli)
