New York: Mastercard Inc reported better-than-expected first-quarter (Q1) earnings on Friday as the world’s second-largest credit card network slashed expenses and increased fees.
Net income fell to $367 million, or $2.80 per share, from $447 million, or $3.37 per share, a year earlier.
Analysts, on average, had expected earnings of $2.62 per share.
Net revenue fell 2.2% to $1.2 billion, while operating expenses decreased 10.8%.
Gross dollar volume inched up 0.3% to $550 billion on a local currency basis, but the growth was slower than in recent quarters. Purchase volume grew only 0.3%, hit by lower use of credit cards in the United States and a slowdown in Europe, Canada, Asia and Latin America.
MasterCard shares were up 0.5% at $184.50 in premarket trading. The stock closed at $183.45 Thursday, after touching its highest level in seven months, and is up 33 % this year.