Mastercard's Profits Surge Amid Economic Optimism

Mastercard reported a 2% profit increase in the third quarter as consumer spending surged due to economic stability. Despite signs of a spending slowdown by some companies, consumer activity remained higher than the previous year. Profit reached $3.3 billion with a revenue growth of 13% to $7.4 billion.

In a sign of economic resilience, Mastercard has reported a 2% increase in its third-quarter profits, driven by boosted consumer spending. The payments giant announced on Thursday that customers are showing confidence amidst economic stability.

Though several payment firms have pointed to a spending deceleration, the levels remain favorable compared to last year's figures following the Federal Reserve's interest rate cuts. Mastercard's profit tallied $3.3 billion, or $3.53 per share, for the three months ending September 30, an improvement from $3.2 billion, or $3.39 per share, in the same period the previous year.

Revenue for the company experienced a 13% growth, climbing to a notable $7.4 billion this quarter.

(With inputs from agencies.)