Update: Mastercard shares drop more than 11% in the first two days of the week. After 4,4% fell on Monday, the price of Mastercard shares fell another 6,7% on Tuesday, close to 300 USD per share.
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Shares of Mastercard fell on Monday after the credit card company issued a warning that the fast-spreading coronavirus could hurt its revenue this year.
“Cross-border travel, and to a lesser extent cross-border e-commerce growth, is being impacted by the Coronavirus,” the company said in a statement on Monday after the bell.
„As a result, we now expect that if the trends we have seen recently – primarily in our cross-border drivers – continue through the end of the quarter, year-over-year net revenue growth in the first quarter will be approximately 2-3 percentage points lower. Under these circumstances, we would expect year-over-year net revenue growth of 9-10% in the first quarter on a currency-neutral basis, excluding acquisitions.1
There are many unknowns as to the duration and severity of the situation and we are closely monitoring it. If the impact is limited to the first quarter only, we expect that our 2020 annual year-over-year net revenue growth rate would be at the low end of the low-teens range, on a currency-neutral basis, excluding acquisitions.”, the company said.
The stock market suffered its worst sell-off in two years on Monday after a sharp jump in coronavirus cases outside of China stoked fears about a prolonged global economic slowdown. Many major companies including Apple and Procter & Gamble have sounded alarmed on the epidemic.
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