Mastercard's backside line drops 5.6% as a result of stoop in cross-border spending

© Reuters. FILE PHOTO: Illustrative photo of a Mastercard logo on a credit card

(Reuters) – Mastercard Inc (NYSE 🙂 reported a 5.6% decline in earnings for the first quarter on Thursday, largely due to a sharp drop in cross-border spending on its cards due to a slump in international travel due to the COVID-19 pandemic .

Net income excluding special items decreased from $ 1.8 billion, or $ 1.83 per share, to $ 1.7 billion, or $ 1.74 per share, last year.

According to Refinitiv IBES data, analysts had expected an average profit of $ 1.57 per share.

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