Mastercard Inc. shares are up 1.6% in premarket trading Thursday after the company posted surprise growth in revenue and topped earnings expectations.
The company reported first-quarter net income of $1.8 billion, or $1.83 a share, up from $1.7 billion, or $1.68 a share, a year earlier. After adjusting for special items and the impact of equity investments, Mastercard
MA,
+1.69%
earned $1.74 a share, down from $1.83 a share but ahead of the $1.58 a share that analysts surveyed by FactSet had been projecting.
Mastercard’s net revenue for the quarter rose to $4.2 billion from $4.0 billion, while analysts were projecting $4.0 billion.
The company reported an 8% increase in gross dollar volume (GDV), while cross-border volume fell 17% amid continued pressure on international travel. Switched transactions rose 9% in the quarter.
Chief Executive Michael Miebach said in a release that Mastercard is “encouraged by the return of domestic spending levels to pre-pandemic trends.”
Shares of Mastercard have gained 25% over the past three months as the S&P 500
SPX,
-0.08%
has risen 13%.
