MasterCard posts 2Q profit jump of 15 percent
MasterCard Inc. says heavier use of credit and debit cards overseas helped push third-quarter profits up by nearly 15 percent.business Updated: Nov 02, 2010 20:15 IST
MasterCard Inc. says heavier use of credit and debit cards overseas helped push third-quarter profits up by nearly 15 percent.
The payments processor reported Tuesday that net income rose to $518 million, or $3.94 per share. Revenue rose 5 percent to $1.43 billion.
Wall Street was expecting profit of $3.54 per share, on revenue of $1.41 billion.
MasterCard, based in Purchase, New York, says new deals with several banks helped increase the number of cards in use bearing its logo to 1.6 billion. Credit card and debit card use dipped in the U.S. but that was offset by a surge in spending on both types of cards worldwide. Overall, spending with MasterCard branded cards rose 8
In premarket electronic trading, Mastercard shares leaped $13.01, or 5.4 percent, to $252.