UPDATE: MasterCard Q3 Profit Tops Estimates

MasterCard MA reported upbeat earnings for the third quarter. The Purchase, New York-based company reported a quarterly profit of $1.02 billion, or $0.87 per share, versus a year-ago profit of $879 million, or $0.73 per share. Its revenue climbed 13% to $2.5 billion. However, analysts were expecting earnings of $0.78 per share on revenue of $2.45 billion. Cross-border volume surged 15%, while processed transactions gained 10% to 11 billion. MasterCard's purchase volume increased 11% to $843 billion on a local currency basis, while gross dollar volume climbed 12% on a local currency basis to $1.2 trillion. Total operating expenses increased 12% to $1.08 billion in the quarter. During the quarter, the company repurchased around 5.3 million shares of Class A common stock at a cost of $404 million. "We delivered strong results for the quarter, reporting double-digit revenue and net income growth, despite a mixed economic environment,” said Ajay Banga, president and CEO, MasterCard. Mastercard shares rose 1.63% to $77.23 in pre-market trading