Q1 2024 Mastercard Inc Earnings Call Transcript
Key Points
- Mastercard Inc (MA) reported a strong quarter with net revenues up 11% and adjusted net income up 16% year-over-year on a non-GAAP currency-neutral basis.
- The company saw robust growth in consumer spending and cross-border volume, which increased by 18% year-over-year on a local currency basis.
- Mastercard Inc (MA) has successfully expanded its acceptance footprint globally, enhancing user experience for digital transactions and growing its contactless and Tap on Phone capabilities.
- The company continues to innovate, with tokenized transactions growing over 50% year-over-year, and it is making significant inroads into new payment verticals like housing and health care.
- Mastercard Inc (MA) has secured several strategic partnerships and deal wins globally, strengthening its position in key markets and with major clients.
- Persistent inflation in the United States could potentially delay rate cuts, posing a risk to economic conditions and consumer spending.
- Geopolitical uncertainties in several countries remain a concern, which could impact global economic stability and consumer confidence.
- The company faces intense competition in various markets, which could affect its market share and growth prospects.
- Operating expenses increased by 9%, including minimal impact from acquisitions, indicating rising costs that could impact profitability.
- Foreign exchange headwinds are expected to be a 1 to 2 percentage point drag on the year, primarily driven by the recent appreciation of the U.S. dollar.
Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Inc. Q1 2024 Earnings Conference Call. (Operator Instructions)
Mr. Devin Corr, Head of Investor Relations, you may begin your conference.
Thank you, Audra. Good morning, everyone, and thank you for joining us for our first quarter 2024 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. Following comments for Michael and Sachin, the operator will announce you opportunity to get into the queue for the Q&A session. There is only then that the queue will open for questions. You can access our earnings release, supplemental performance data and the slide deck that accompany this call in the Investor Relations section of our website, mastercard.com. Additionally, the release was furnished with the SEC earlier this morning.
Our comments today regarding our financial results will be on
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