Mastercard Inc. beat estimates for quarterly profit as consumer spending surged against a turbulent economy, but the card company’s disclosure of a probe by the U.S. Justice Department unnerved investors. The regulator has demanded that Mastercard provide documents tied to its U.S. debit program and competition with other payments networks, the card company said. Visa reported a similar probe in January.
Shares of Mastercard pared gains to 1 percent, from as much as 2.2 percent, after the company forecast strong growth in the face of inflation.
