Earnings Outlook: Visa and Mastercard earnings: Will the card networks get back on the same path?

For years, Visa Inc. and Mastercard Inc. were viewed as somewhat indistinguishable, both benefiting from the same gradual shift toward card-based payments. Recently, however, they’ve started to move apart.

Mastercard MA, -0.93% shares are up 54% over the past 12 months, while Visa V, +0.21% shares are up 36%. And while analysts expect Mastercard to post revenue growth of 20% for its latest quarter, they predict that Visa’s revenue rose by just 7.5%.

Part of the variance in stock performance stems from Mastercard’s big push beyond card swipes and into services. The company has been trying to convince investors that its total addressable market is actually much larger than previously thought—if you go beyond retail and count the more sizable market of business payments, as well as peer-to-peer opportunities.

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