UPDATE: MasterCard Q2 Profit Beats Estimates

MasterCard

reported better-than-expected second-quarter net income. The Purchase, New York-based company posted quarterly earnings of $931 million, or $0.80 per share, versus $848 million, or $0.70 per share, in the year-ago period. Its revenue climbed 13% to $2.38 billion versus $2.1 billion. However, analysts were expecting earnings of $0.77 per share on revenue of $2.3 billion. MasterCard's worldwide purchase volume rose 13% to $821 billion in the quarter, while processed transactions rose 12% to 10.6 billion. Its operating expenses climbed 15% to $994 million. MasterCard repurchased around 15.7 million shares of Class A common stock at a cost of about $1.2 billion during the second quarter. “We are pleased with another quarter of solid performance, driven by healthy volume and revenue growth,” said Ajay Banga, president and CEO, MasterCard. MasterCard shares fell 1.78% to $74.56 at 11:00 a.m. ET.