Mastercard had its revenue inch past analyst forecasts over the past three months, as travel spending on its cards returns to pre-pandemic levels.
Beyond a spike in international travel spending, which had been weighed down by the Omicron wave which began late last year, domestic spending also rose in its fourth quarter.
Cross border volumes climbed more than 50 per cent. Meanwhile, gross dollar volumes jumped 23 per cent to $2.1 trillion in the three months to December 31, in comparison with a year prior.
“We had a strong fourth quarter as spending trends continued to improve, with Q4 cross-border spending now above pre-pandemic levels,” chief executive Michael Miebach said in a statement.
Mastercard pulled in $5.2bn in revenue, inching past analyst estimates of $5.16bn, and up 27 per cent in comparison with the year before.
Profits also rose to $2.4bn, from $1.8bn in 2020, when the pandemic pressed pause on many consumers’ spending.
The card provider was hit by an increase in operating expenses, however, which rose 16 per cent $2.4bn.