Mastercard second-quarter profit rises on spending boost

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The New York-based credit card company earned $2.8 billion, or $3 per share, for the three months ended June 30, compared with $2.3 billion, or $2.34 per share, a year earlier.

Unfazed by stubborn inflation and a stormy economic environment, Mastercard’s customers continued to spend heavily on travel and entertainment even as rate hikes by the Federal Reserve have increased the odds of a recession later this year.

Net revenue grew 14% to $6.3 billion from a year earlier.