Credit card giant Mastercard (MA) has reported second-quarter financial results that beat Wall Street forecasts on both the top and bottom lines.
The company announced earnings per share (EPS) of $3.59 U.S., beating Wall Street’s forecast of $3.51 U.S.
Revenue of $6.96 billion U.S. exceeded consensus analyst estimates of $6.80 billion U.S.
Mastercard also reported that the number and value of transactions processed on its credit card platform rose 11% from a year ago.
The strong print was attributed to robust consumer spending and cross-border payment volume growth of 17%.
On an earnings call, company executives said consumer spending continues to hold up despite signs that the U.S. economy is beginning to slow.
Spending on travel and dining out, as well as on experiences such as concerts, remains particularly strong, said Mastercard’s management team.
Looking ahead, Mastercard forecast net revenue growth for all of this year in the low-double-digits.
The stock of Mastercard is up 3% on news of the company’s Q2 financial results. Over the last 12 months, the share price has risen 14% to $447.45 U.S. per share.
