Mastercard Inc. became the latest payments company to signal upbeat spending trends as the card giant posted a sizable earnings beat and said it had yet to see notable impacts from inflation on its volumes. The company’s second-quarter net income increased to $2.28 billion, or $2.34 a share, from $2.07 billion, or $2.08 a share, in the year-earlier period. Analysts tracked by FactSet were modeling $2.34 a share in earnings on a GAAP basis.
After adjustments, Mastercard
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+0.58%
earned $2.56 a share in the quarter, up from $1.95 a share a year prior, while analysts were projecting $2.36 a share. Revenue at Mastercard rose to $5.50 billion from $4.53 billion and came in above the FactSet consensus, which was for $5.27 billion. “Increasing inflationary pressures have yet to significantly impact overall consumer spending but we will continue to monitor this closely,” Chief Executive Michael Miebach said in a release. “We have a well-diversified business model and the demonstrated ability to deliver strong operating margins through up and down cycles.” He called consumer-spending trends “robust.” Gross dollar volume increased 14% on a local-currency basis in the second quarter, while cross-border volume was up 58%. Mastercard reported 12% growth in switched trans …