Mastercard Profit Jumps as Pandemic-Weary Consumers Splurge on Travel

[claireokc]

Mastercard Inc. on Thursday reported first-quarter profit above Wall Street expectations and said consumers were braving stubbornly high inflation and concerns around new coronavirus variants to spend on travel, sending its shares up 3 percent. Pent-up demand from Americans who stayed homebound for a prolonged period helped cross-border travel surpass 2019 levels in March for the first time since the COVID-19 pandemic began. The company, however, flagged potential risks to its three-year performance objectives from 2022 to 2024 from its decision to exit Russia, a market that accounted for roughly 4 percent of the net revenue in 2021. “The elimination of Russia-related revenues and the reduction of those from Ukraine create a headwind to achieving these objectives,” Chief Financial Officer Sachin Mehra said, adding that net revenue compound annual growth rate could take a 2 percentage point hit. ...

Source: https://www.theepochtimes.com/mastercar ... 34448.html