MasterCard posts 33 percent 2Q profit increase
NEW YORK (AP) — MasterCard says its second-quarter profit rose 33 percent, as cardholders used their plastic more during the spring months.
The results beat Wall Street expectations, and its shares rose almost 3 percent to $306.99 in premarket trading.
The payment processing company says net income rose to $608 million, or $4.76 per share, for the three months ended June 30. Analysts expected earnings of $4.22 a share.
Revenue rose 22 percent to $1.67 billion. Analysts expected $1.55 billion.
MasterCard Inc. says the number of transactions it handled rose 17 percent . Both credit and debit card use rose around the world, with debit growth over 22 percent.
More than half MasterCard's revenue comes from overseas, so international growth is key for the Purchase, N.Y.-based company.
Operating expenses jumped 21 percent, mostly due to costs related to acquisitions.