Ladies and gentlemen, thank you for standing by, and welcome to the Q3 2020 Mastercard Inc. earnings conference call. With me today are Ajay Banga, our chief executive officer; Michael Miebach, our president; and Sachin Mehra, our chief financial officer. Following comments from Ajay, Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session.
Everyone expected Mastercard to post declines in revenue and profitability; there's a global pandemic raging, after all, and economies are constricted because of it. One was Mastercard's usually robust take from cross-border transactions; these fell a worrying 36% year over year. Meanwhile, the company suffered in comparison to arch-rival Visa (NYSE: V), which released more encouraging Q3 results after market close the same day.
Visa earnings beat after Mastercard missed and the Justice Department probes their recent fintech deals. Visa edged up late after falling Wednesday as Mastercard dived.