MasterCard profit jumps 33%, beats Street

MasterCard Inc's second-quarter profit rose 33%, beating Wall Street estimates, as the company processed more card transactions and revenue increased.

Purchase, New York-based MasterCard reported net income of USD 608 million or USD 4.76 per share, up from USD 458 million, or USD 3.49 per share, a year earlier. Analysts expected USD 4.23 per share, according to Thomson Reuters I/B/E/S. Net revenue increased 22% to USD 1.7 billion as payment volumes and Mastercard's international business grew. Total operating expenses increased at a slightly slower rate than revenue, rising 20% to USD 782 million. Mastercard said the expense increase was due to higher personnel costs related to acquisitions.