NEW YORK (AP) - Credit and debit card payment processor MasterCard said its profit rose 17 percent in the first quarter, as consumers across the globe spent more on their MasterCards.
NEW YORK (AP) — Credit and debit card payment processor MasterCard said its profit rose 17 percent in the first quarter, as consumers across the globe spent more on their MasterCards.
The Purchase, New York-based company reported net income of $1.02 billion, up from $870 million a year earlier. On a per-share basis, MasterCard earned 89 cents versus 73 cents a year earlier. Net revenue was $2.23 billion.
MasterCard's profits beat expectations but the company's revenue fell slightly short. Analysts surveyed by FactSet were looking for MasterCard to earn 80 cents per share on $2.28 billion in revenue.
MasterCard showed strong growth on purchase volume, or the amount of money customers spent on their MasterCards. Purchase volume was $783 billion in the first quarter, up roughly 12 percent from a year earlier. Payment processors like MasterCard take a small percentage of each transaction as a fee for using their network.
MasterCard shares were up 2 percent in premarket trading to $91.80.