Mastercard Withdraws 2020 Guidance, Citing Pandemic
March 24 2020 - 9:55AM
Dow Jones News
By Matt Grossman
Mastercard Inc. withdrew its full-year earnings guidance and
updated its forecast for the first quarter as the Covid-19 outbreak
weighs on the credit-card company's business.
The company on Tuesday said it expects first-quarter revenue
growth in the low single digits, adding that foreign-exchange rates
will slow revenue growth by about 2 percentage points for the
period.
Mastercard also expects operating expenses to grow in the
low-to-mid single digits and said it was working to manage spending
by reevaluating fees.
In January, the company had said it expected full-year revenue
growth in the low teens and operating expenses to climb by high
single digits.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
March 24, 2020 09:40 ET (13:40 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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