Mastercard profit drops as pandemic hits consumer spending

(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)