Mastercard Inc. dropped after warning revenue growth would slow even faster than expected this quarter, stoking fears that inflation has put a damper on consumer spending.
The payments giant said spending on its cards increased 11% to $1.73 trillion in the fourth quarter, missing the $1.77 trillion average of analyst estimates compiled by Bloomberg. The company also warned revenue for the first quarter would climb by a percentage in the “high end of high single digits,” while analysts in a Bloomberg survey were expecting revenue to increase 10%.
“While macroeconomic and geopolitical uncertainty persists, consumer spending has been remarkably resilient,” Chief Executive Officer Michael Miebach said in a statement announcing the results. “We are well prepared to adjust our investment profile quickly if needed.”
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