Mastercard tops earnings expectations as spending recovery continues

Mastercard’s revenue increased to $4.53 billion from $3.34 billion, while analysts were modeling $4.37 billion. The company pointed to a continued spending recovery both domestically and in the cross-border category.

“International travel is still in the early stages of recovery and represents additional upside potential,” Chief Executive Michael Miebach said in a release.

Shares were up 0.4% in premarket trading Thursday.

Gross dollar volume for Mastercard was up 33%, while switched transactions grew 41%. Cross-border volume rose 58%.

Mastercard’s report comes after Visa Inc. V, -1.59% posted its own results Tuesday afternoon, showing improvements in spending categories like travel and entertainment but more room for recovery in the cross-border category. Visa’s stock had dipped 1.6% in Wednesday’s session while Mastercard’s fell 1.8%.

Shares of Mastercard have lost 1.4% over the past three months as the S&P 500 SPX, -0.02% has gained 5.2%.