MasterCard's 4th quarter profit climbs 3 per cent, but adjusted results miss expectations - InfoNews

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MasterCard's 4th quarter profit climbs 3 per cent, but adjusted results miss expectations

FILE - In this Thursday, April 25, 2013, file photo, MasterCard credit cards are displayed for a photographer in Montpelier, Vt. MasterCard Inc. reports quarterly financial results before the market opens on Friday, Jan. 31, 2014. (AP Photo/Toby Talbot)
January 31, 2014 - 5:38 AM

PURCHASE, N.Y. - MasterCard says its fourth-quarter earnings climbed 3 per cent as higher revenue balanced a jump in expenses, but results missed expectations.

The payment networks company earned $623 million, or 52 cents per share, in the three months ended Dec. 31. That compares with $605 million, or 49 cents per share, a year earlier.

Earnings in the most recent quarter totalled 57 cents per share, not counting a litigation-related charge.

Revenue climbed 12 per cent to $2.13 billion, as consumers hit stores for holiday shopping.

Analysts anticipated adjusted earnings of 60 cents per share on $2.14 billion in revenue.

Rival Visa Inc., along with card issuers American Express Co. and Discover Financial Services, reported higher card spending during the holiday season.

MasterCard's stock is down more than 6 per cent in premarket trading.

News from © The Associated Press, 2014
The Associated Press

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