EU TECHNOLOGY: Mastercard Q125 Results
May-01 12:35
Aa3/A+
Top line and margins ahead of consensus albeit with volumes slightly soft.
- Q1 net revs $7.3bn (+17% cFX, 2% beat)
- Q1 dollar volume +9% (2.6% miss), purchase volume +10% (2.5% miss)
- Cross-border volume growth of 15% (vs, cons. 17.4%).
- Q1 op margin 59.3% vs. 58.8% in Q124 (0.6pp beat)
- Q1 CFO $2.4bn vs. $1.7bn in Q124
- FY: Growth (cFX ex. M&A) guidance unchanged but GAAP/non-cFX targets tweaked
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