MasterCard De-leveraging Consumers?

MasterCard (MA) reported improved profits. Growth outside the USA seems to be driving their train. The US consumer seems to be de-leveraging. This brings up some interesting questions about geographical mix.

If MasterCard is expanding into new markets presumably they are incurring incremental costs. Also presumably the existing traditional markets are able to leverage existing infrastructure. But traditional market revenues are declining percentage wise.

They also have cut back on marketing costs and some will say they are ceding defeat. Are we seeing the loss of operating leverages?

MasterCard does report revenue geographically but does not report costs in the same manner. For a financial stock this is rather telling. Most other companies can and do tell investors how much bottom-line money they have made from what location.

Why can’t investors hear this from MasterCard?

Maybe then we can also get a handle of incomes taxes and where they are being paid.