MasterCard reports higher Q1 profit, revenue

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Associated Press

Posted on May 1, 2013 at 8:02 AM

Updated Wednesday, May 1 at 9:02 AM

Payments processor MasterCard Inc. says its profit and revenue rose in the first quarter. Profit beat the forecasts of Wall Street analysts, though revenue missed slightly.

Profit was $766 million, up 12 percent from a year ago, MasterCard reported Wednesday. That worked out to $6.23 per share, beating the $6.18 per share expected by analysts polled by FactSet.

Revenue rose 8 percent to $1.9 billion, slightly less than the $1.93 billion expected by analysts.

MasterCard's results were helped by an increase in cross-border volumes, which measures how much customers spend in countries other than the one they live in. That can be a gauge for how affluent customers are faring. CEO Ajay Banga said he was pleased that results met the company's expectations, "despite the mixed global economic environment."

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