Revenue Growth: Net revenues were up 11% on a non-GAAP currency-neutral basis.
Adjusted Net Income Growth: Adjusted net income up 16% versus a year ago on a non-GAAP currency-neutral basis.
Cross-Border Volume Growth: 18% year-over-year growth on a local currency basis.
Expense Growth: Operating expenses increased by 9%, including a minimal impact from acquisitions.
Operating Income Growth: Operating income was up 12%, including a minimal impact from acquisitions.
EPS Increase: Net income and EPS increased by 16% and 19%, respectively.
Future Guidance
2024 Full-Year Outlook: Reiterating net revenue and operating expense outlook for full year 2024 on a currency-neutral basis, excluding acquisitions and special items.
Net Revenue Growth Expectation: High-end of a low double-digit range on a currency-neutral basis for 2024, excluding acquisitions.
Operating Expense Growth Prediction: Low end of a low double-digit range on a currency-neutral basis for 2024, excluding acquisitions and special items.
FX Impact: Foreign exchange expected to be a headwind of 1 to 2 percentage points (ppt) for the full year.
Q2 2024 Net Revenue Growth: Expected to be at the low double-digit range on a currency-neutral basis, excluding acquisitions.
Q2 2024 Operating Expense Growth: Expected to be at the low end of a low double-digit range versus a year ago, on a currency-neutral basis.
Non-GAAP Tax Rate: Approximately 17% for both Q2 and the full year, based on current geographic mix.
Trends, Market Conditions, Sentiment
Strong Consumer Spending and Cross-border Volume: Attributed to the solid performance.
Digital Payment Shift & Innovation: Continued focus on expanding acceptance footprint and enhancing digital transactions through innovative technologies.
Macroeconomic Outlook: Mixed economic signals, but overall positive growth outlook due to strong labor markets, moderating inflation, and global consumer spending.
Strategic Priorities Focus: Emphasis on consumer payments, new flows and services, and new networks.
Acceptance and Technology Adoption: Increased adoption of contactless transactions and digital payment methods.
Geopolitical and Economic Uncertainties: Monitoring ongoing global uncertainties and potential impacts on consumer balance sheets and commodity prices.
Services and Solutions Growth: Notable growth in value-added services and solutions, particularly in consulting, marketing, loyalty, and security services.
Tokenization and Security: Significant growth in tokenized transactions, enhancing security and payment experiences for consumers and merchants.
Notable Quotes
Miebach: “Our momentum continued this quarter…healthy consumer spending and strong cross-border volume growth.”
Miebach: “That’s why people choose Mastercard, a simple, seamless and secure way to pay.”
Miebach: “We are positive about the growth outlook.”
Miebach: “The secular opportunity is large and it’s lasting, and we are well positioned to go after it.”
Sachin: “Our business fundamentals remain strong…position us well for the opportunities ahead.”
Sachin: “We remain positive about the growth outlook.”
