Mastercard Shares Touch All-Time High After Strong 4Q

By Dean Seal

Shares of Mastercard touched an all-time high after the credit card giant posted higher-than-expected earnings and revenue for the final quarter of 2023.

The stock jumped to $462 after the market opened, its highest level on record, according to FactSet. Shares are up 5% from where they started the year.

Mastercard's fourth-quarter profit jumped to $2.79 billion from $2.53 billion last year, while per-share adjusted earnings, which strip out one-time items, of $3.18 topped analyst projections by 10 cents, according to FactSet.

Revenue rose to $6.55 billion from $5.82 billion in the year-ago quarter, above analyst forecasts for $6.48 billion.

Chief Executive Michael Miebach said healthy consumer spending and a 24% jump in cross-border volume growth drove Mastercard's higher profit and revenue.

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(END) Dow Jones Newswires

01-31-24 1123ET