NEW YORK (AP) — MasterCard’s first-quarter profit rose 25 percent on a big spike in card use overseas.
The Purchase, N.Y.-based payments processor said Wednesday that its net income was $682 million, or $5.36 per share, on revenue of $1.8 billion. That exceeded Wall Street’s expectations of a profit of $5.29 per share, on revenue of $1.73 billion.
Purchase volume, the amount people spent on debit and credit cards with MasterCard logos, rose 17 percent worldwide. Ajay Banga, MasterCard’s chief executive officer, said it was the company’s highest quarterly growth rate since its IPO.