Shares of Mastercard fell on Monday right after the credit rating card business issued a warning that the rapidly-spreading coronavirus could harm its income this calendar year.

“Cross-border journey, and to a lesser extent cross-border e-commerce growth, is currently being impacted by the Coronavirus,” the business reported in a statement on Monday just after the bell. The organization explained its very first-quarter profits progress will be about two to three proportion factors reduced than former assistance.

“If the impression is limited to the initial quarter only, we assume that our 2020 once-a-year year-more than-year web profits progress amount would be at the low conclude of the low-teenagers vary,” the corporation additional.

Shares of Mastercard fell virtually 3% in after-hours investing on Monday.

The stock market place experienced its worst sell-off in two decades on Monday after a sharp leap in coronavirus circumstances outside the house of China stoked fears about a extended world wide economic slowdown. Quite a few key providers together with Apple and Procter & Gamble have sounded alarmed on the epidemic.

Mastercard claimed superior-than-expected quarterly outcomes final thirty day period as buyers expended a lot more on its playing cards all through the getaway buying year.

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