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Mastercard shakes off Russia concerns, inflation woes

April 29, 2022

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Despite worries about Russia’s invasion of Ukraine, inflation hitting a multi-decade high and an unexpected slowdown in the U.S. economy, Mastercard Chief Executive Michael Miebach on Thursday struck an optimistic note about the card company’s prospects, given a pick-up in the company’s cross-border business during the first quarter.

“Even in the context of this challenging geopolitical environment, we’re off to a strong start in 2022 with robust revenue and earnings growth as cross-border volumes grew 53% versus a year ago on a local currency basis,” Miebach said in a statement on the company’s first quarter earnings results. “As of March, cross-border travel is above 2019 levels for the first time since the pandemic began, and ahead of our expectations.”

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