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Mastercard recovery is priceless as credit card firm reverses loss
CREDIT card firm Mastercard beat expectations to record second-quarter pre-tax earnings of $536m (£325m) yesterday, a dramatic recovery from last year’s loss of $1.22bn.
The company saw net revenue in the three months to 30 June rise by 2.7 per cent to $1.28bn, ahead of the $1.25bn seen in last year’s second-quarter. Excluding currency fluctuations, revenues would have been up seven per cent.
The revenue rise was driven by pricing changes, a 7.9 per cent increase in transactions processed, and a 13 per cent decrease in expenses to $722m.
President and chief executive Robert Selander said: “We operate a global, flexible and resilient business that will continue to benefit from the ongoing shift toward electronic payments.”