MasterCard Inc (MA), the world's second-biggest payments processor, reported a better-than-expected quarterly profit on Friday, sending its shares to a record high.
MasterCard has benefited from a focus beyond its core products, such as credit or debit cards, for growth, Chief Financial Officer Martina Hund-Mejean said on a post-earnings conference call.
The company has been adding a number of services to its core product sales, as well as expanding Masterpass, its digital payment platform.
Revenue rose 13.8% to $2.88 billion in the third quarter ended Sept. 30. On a constant currency basis, revenue rose 14%.
Net income jumped 21.2% to $1.18 billion, or $1.08 per share. Analysts on average had expected 98 cents per share, according to Thomson Reuters.
Worldwide purchase volume rose 9% to $882 billion, on a local currency basis, MasterCard said.
The company's cross-border volumes - the value of transactions made by card holders outside the card-issuer's country - jumped 12%.
The company's shares closed up 3.19% at $106.90. They rose to a record high of $107.65 earlier.
Really nice figures. MA is a good long-term buy. I will be waiting for dips. I hope will get them soon thanks to the FBI and Hillary.