New York —  Mastercard shares dropped after the company reported revenue that fell short of analysts’ estimates, pinched by a persistent slump in foreign travel.

Many consumers continue to avoid travel and spending overseas, transactions that are among the most lucrative on Mastercard’s network, even as overall spending on the firm’s cards has been improving as regions reopen from lockdowns. Cross-border fees slid 48% in the third quarter from a year earlier, a bigger drop than the 44% decline analysts expected...

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