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MasterCard profit beats as purchase volumes rise

Friday, October 28, 2016 - 20:48

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MasterCard Inc, the world's second-biggest payments processor, reported a better-than-expected quarterly profit, driven by higher spending by customers on its network.

[NEW YORK] MasterCard Inc, the world's second-biggest payments processor, reported a better-than-expected quarterly profit, driven by higher spending by customers on its network.

The company's shares were up 1.8 per cent at US$105.51 in premarket trading on Friday.

MasterCard's net income jumped 21.2 per cent to US$1.18 billion, or US$1.08 per share, in the third quarter ended Sept 30.

Analysts on average had expected 98 cents per share, according to Thomson Reuters I/B/E/S.

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Revenue rose 13.8 per cent to US$2.88 billion.

Bigger rival Visa Inc also reported better-than-expected quarterly results this week.

Worldwide purchase volume rose 9 per cent to US$882 billion, on a local currency basis, the company said.

MasterCard's cross-border volumes - the value of transactions made by card holders outside the card-issuer's country - jumped 12 per cent.

Up to Thursday's close, the company's stock had risen 6.4 per cent this year.

REUTERS

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