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MasterCard profit jumps 33%, beats Street

MasterCard profit jumps 33%, beats Street
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First Published: Wed, Aug 03 2011. 06 16 PM IST
Updated: Wed, Aug 03 2011. 06 16 PM IST
Charlotte: MasterCard Inc’s second-quarter profit rose 33%, beating Wall Street estimates, as the company processed more card transactions and revenue increased.
Purchase, New York-based MasterCard reported net income of $608 million or $4.76 per share, up from $458 million, or $3.49 per share, a year earlier.
Analysts expected $4.23 per share, according to Thomson Reuters I/B/E/S.
Net revenue increased 22% to $1.7 billion as payment volumes and Mastercard’s international business grew.
Total operating expenses increased at a slightly slower rate than revenue, rising 20% to $782 million.
Mastercard said the expense increase was due to higher personnel costs related to acquisitions.
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First Published: Wed, Aug 03 2011. 06 16 PM IST