Bulletins

Visa, Mastercard and Shopify beat earnings targets

The post-pandemic boom is taking shape.

Visa, Mastercard and Shopify posted quarterly results that Wall Street estimates, showing the continued strength of consumer spending and ecommerce in particular as the economy continued its rebound from the depths of the pandemic.

Mastercard on Thursday reported a first-quarter profit of $1.8 billion, on revenue of $4.2 billion. Adjusted profit was $1.74 a share. Wall Street analysts had expected a profit of $1.57 a share on revenue of $4 billion.

Shopify on Wednesday reported first-quarter revenue of $988.6 million, up 110% year over year. Adjusted profit was $2.01 a share. Wall Street analysts expected a profit of 77 cents a share on sales of $863 million. The company's GAAP net income of $1.26 billion included a $1.3 billion gain on shares of Affirm. CFO Amy Shapero said in a statement that "digital commerce tailwinds remained strong" as the company

Visa on Tuesday posted a fiscal second-quarter profit of $3 billion, on revenue of $5.7 billion. Adjusted profit was $1.38 a share. Wall Street analysts had projected a profit of $1.27 a share on revenue of $5.6 billion.

"This quarter, we saw a return to positive growth for credit and card present transactions and debit and ecommerce growth stayed at very healthy levels," Visa CEO Al Kelly Jr. said in a statement.

Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

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