MasterCard 3Q profit up 14 pct on higher card use

October 31st, 2013 in Technology / Business

MasterCard says its third quarter profit rose 14 percent as it processed more payments.

The payments network, based in Purchase, N.Y., says rose to $879 million, or $7.27 per , from $772 million, or $6.17 per share, last year.

Revenue rose 16 percent to $2.22 billion for the three months ended Sept. 30.

The company's growth was boosted by its overseas business. Excluding the U.S., the amount people spent using MasterCard-branded cards rose almost 19 percent on a local-currency basis. In the U.S., spending rose close to 10 percent.

MasterCard Inc.'s results beat analysts' expectations for profit of $6.94 per share on revenue of $2.14 billion.

The company's stock rose $9.32, or 1.3 percent, to $735 in pre-market trading. The stock has advanced 48 percent this year.

© 2013 The Associated Press. All rights reserved.

"MasterCard 3Q profit up 14 pct on higher card use." October 31st, 2013. http://phys.org/news/2013-10-mastercard-3q-profit-pct-higher.html