July 30, 2020 / 12:07 PM / 14 days ago

Mastercard profit drops as pandemic hits consumer spending

July 30 (Reuters) - Mastercard Inc on Thursday reported a 30% slump in quarterly profit as fewer people used its cards during the COVID-19 pandemic, hitting spending volumes for the payment processor.

Net income fell to $1.4 billion, or $1.41 per share, in the second quarter ended June 30, from $2 billion, or $2 per share, a year earlier.

Reporting by Noor Zainab Hussain in Bengaluru and David Henry in New York; Editing by Devika Syamnath

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