Mastercard stock skidded lower Wednesday after the credit card and payments giant cleared first-quarter estimates but cut its 2024 outlook.
Mastercard reported an 18% increase in earnings to $3.31 per share adjusted while net revenue jumped 10% to $6.35 billion.
FactSet analysts expected earnings to increase to $3.25 per share adjusted and revenue came in just ahead of estimates of $6.34 billion.
The results marked four straight quarters of double-digit earnings growth, but gains decelerated the last two quarters.
Mastercard's gross dollar volume rose 10% to $2.3 trillion. Cross border transactions leapt 18% year-over-year, driven by 17% growth in intra-Europe volume. Switched transactions, which include authorization, clearing and settlement services, increased 13% for the quarter.
Mastercard also lowered its 2024 outlook on results. The payments company now expects full-year net revenue and adjusted earnings to increase on the low-end of low double-digit figures, compared to its previous views of high-end low double-digit growth.
FactSet analysts forecast a17.5% jump in Mastercard 2024 earnings, to $14.40 per share adjusted, on 11.9% net revenue growth to $28.09 billion.
The results come after Dow Jones rival Visa cleared estimates last week.
Mastercard Stock
Mastercard stock retreated 2% Wednesday, following a 1.3% drop on Tuesday.
MA stock is consolidating, pulled back from late March highs. That pattern is technically qualifies as a flat base, so long as the pullback remains less than 15%. Shares climbed 3.7% so far this year.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
