(Reuters) -Mastercard’s first-quarter profit jumped on strong card spending as U.S. consumers kept up their splurging habits despite rising borrowing costs and persistent inflation.
Payments firms have benefited from resilient spending, thanks to wage growth and a tight labor market that has afforded job security to consumers.
Net revenue rose 10% to $6.35 billion in the quarter.
Profit stood at $3 billion, or $3.22 per share for the three months ended March 31, compared with $2.4 billion, or $2.47 per share, a year ago, the payments processor reported on Wednesday.
(Reporting by Mehnaz Yasmin and Niket Nishant in Bengaluru; Editing by Arun Koyyur)
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