MasterCard meets profit and revenue estimates
MasterCard Inc. said Wednesday it had net profit of $921 million, or 81 cents a share, in the second quarter, compared with $931 million, or 80 cents a share, in the year-earlier period. Excluding a charge relating to a U.K. merchant litigation settlement, per-share earnings came to 85 cents, matching the FactSet consensus. Revenue rose 1% to $2.4 billion, also matching the FactSet consensus. The payment card company said cross-border volumes rose 17%, while processed transactions were up 13% to $12 billion. "We are executing on our strategy to grow our business by focusing on winning new deals in our core payments business, while building out our data analytics, processing and safety applications," Chief Executive Ajay Banga said in a statement. Shares fell 3% in premarket trading, but are up about 10% in the year so far, while the S&P 500 has gained 1.7%.
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