Mastercard, Inc. (NYSE:MA) Q1 2024 Earnings Conference Call May 1, 2024 9:00 AM ET
Company Participants
Devin Corr - Head of Investor Relations
Michael Miebach - Chief Executive Officer
Sachin Mehra - Chief Financial Officer
Conference Call Participants
Sanjay Sakhrani - KBW
Craig Maurer - FT Partners
Ramsey El-Assal - Barclays
Harshita Rawat - Bernstein
Dan Dolev - Mizuho
Darrin Peller - Wolfe Research
Tien-tsin Huang - JPMorgan
David Togut - Evercore ISI
James Faucette - Morgan Stanley
Tim Chiodo - UBS
Bryan Bergin - TD Cowen
Bryan Keane - Deutsche Bank
Dave Koning - Baird
Operator
Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Incorporated Q1 2024 Earnings Conference Call. [Operator Instructions]
Mr. Devin Corr, Head of Investor Relations, you may begin your conference.
Devin Corr
Thank you, Audra. Good morning, everyone, and thank you for joining us for our first quarter 2024 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then, that the queue will open for questions. You can access our earnings release, supplemental performance data and the slide deck that accompany this call in the Investor Relations section of our website, mastercard.com. Additionally, the release was furnished with the SEC earlier this morning.
Our comments today regarding our financial results will be on a non-GAAP currency-neutral basis unless otherwise noted. Both the release and the slide deck include reconciliations of non-GAAP measures to GAAP reported amounts.
Finally, as set forth in more detail in our earnings release, I would like to remind everyone that today's call will include forward-looking statements regarding Mastercard's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance are summarized at the end of our earnings release and in our recent SEC filings. A replay of this call will be posted on our website for 30 days.
With that, I will now turn the call over to our Chief Executive Officer, Michael Miebach.
Michael Miebach
Thank you, Devin. Good morning, everyone. Our momentum continued this quarter as we once again delivered strong revenue and earnings growth. Quarter one net revenues were up 11% and adjusted net income up 16% versus a year ago on a non-GAAP currency neutral basis. These results were powered by healthy consumer spending and strong cross-border volume growth of 18% year-over-year on a local currency basis. We had new deal wins in every region and we're driving growth by scaling our innovative technologies. That's why people choose Mastercard, a simple, seamless and secure way to pay.