MasterCard profit jumps 21% |
Financial Times - May 2, 2012 |
MasterCard, the payment processing network, saw a 21 per cent first-quarter profit increase amid a global shift by consumers from cash to card payments.
The company on Wednesday said that net income rose to $682m, or $5.36 a share, in the first three months of the year, from $562m, or $4.29 a share, in the same period a year ago. The results beat analysts’ expectations.
“We had a good start to the year with solid first-quarter results driven by an increase in processed transactions, the highest quarterly growth rate since our initial public offering, as well as positive volume growth in all regions as consumers continue to adopt electronic payments,” said Ajay Banga, MasterCard’s president and chief executive.
Net revenues rose to $1.76bn from $1.5bn in the year-over-year quarter, but officials warned that growth would probably slow as the year progressed.
Read Full Article from Financial Times
- Posted: 2012-05-02 10:57:38
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