Proactive Investors - Mastercard Inc (NYSE:MA) shares tumbled Thursday after the company reported third-quarter results and acknowledged a sequential growth slowdown in October.
The credit company posted adjusted earnings of $3.39 a share, up from $2.68 a share a year ago and above expectations of $3.21 per share. Revenue climbed to $6.5 billion from $5.8 billion, in line with Street estimates.
However, while switched transactions growth came in at 15% for the quarter, Mastercard said that switched volumes were only up 12% so far in October.
“While macroeconomic and geopolitical uncertainty remains elevated, our diversified business model positions us well to capitalize on the substantial opportunities in payments and services,” CEO Michael Miebach said in a statement.
Shares of Mastercard fell more than 5% to $365.14 Thursday afternoon.
Meanwhile, analysts at Wedbush maintained their Outperform rating for the company, noting that, “Domestic volume growth remained healthy, with some moderation in international markets.”
The firm also pointed to new payment flows including mobile payment solutions, corporate purchases, B2B payments and more.