02:59 PM EDT, 10/31/2024 (MT Newswires) -- Mastercard ( MA ) forecast ongoing revenue momentum in the final quarter of 2024 after reporting bigger-than-expected advances in third-quarter results amid healthy consumer spending.

Fourth-quarter revenue is projected to grow in the low teens range on a currency-neutral basis, excluding

acquisitions, year over year, Chief Financial Officer Sachin Mehra said on a conference call. Analysts surveyed by Capital IQ are modeling for revenue of $7.43 billion in the ongoing quarter. In the third quarter, currency-neutral revenue was up 14%.

"The macroeconomic environment remains supportive and continues to underpin the strength in consumer spending," Chief Executive Michael Miebach told analysts, according to a Capital IQ transcript. "The labor market remains strong, even if slightly below historically tight levels. And inflation has moderated, albeit at varied levels across categories and countries. Overall, we remain positive about our growth outlook."

US consumer spending growth accelerated more than expected in September as outlays on goods rebounded, government data showed Thursday.

Mastercard ( MA ) expects fourth-quarter operating expense growth to be at the high end of a low double-digit range from the same period of 2023, reflecting a ramp up in advertising and marketing, Mehra said on the call.

For the third quarter, revenue rose to $7.37 billion from $6.53 billion a year ago and topped the $7.27 billion average analyst estimate on Capital IQ. Adjusted earnings per share advanced to $3.89 for the three months ended Sept. 30 from $3.39 and beat the Street's $3.75 view.

In the company's payment network division, revenue rose 11% on a currency-neutral basis year over year, which Mehra attributed to domestic and cross-border transaction and volume growth. Cross-border volume was up 17% year over year, though that's a deceleration from 21% in the same period last year. Shares of Mastercard ( MA ) fell 2.5% in late afternoon trade.

Value-added services and solutions revenue climbed 19% year over year.

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