Mastercard Inc. reported a higher third-quarter profit on Thursday, wrapping up a strong three-month period for major U.S. card issuers as consumer spending remained resilient even amid rising concerns of an economic downturn.
Profit came in at $2.5 billion, or $2.58 per share, for the three months ended Sept. 30, compared with $2.4 billion, or $2.44 per share, a year earlier.
Card issuers tend to make more money when prices rise as they typically charge a percentage of the dollar value of transactions. But inflation accompanied by interest rate hikes can scare consumers into spending less and saving more.
However, those fears have not been reflected materially in card companies' earnings yet. Consumers continue to splurge as borders reopen and a stronger dollar encourages travel overseas.
Excluding one-time costs, the Purchase, New York-based company earned $2.68 per share. Analysts on average had expected $2.56 per share, according to Refinitiv IBES data.
It was not immediately clear if the reported figure was comparable to the estimate.
Reported revenue jumped 15% to $5.8 billion.
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