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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MasterCard Incorporated | NYSE:MA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
5.79 | 1.31% | 449.37 | 450.4999 | 445.56 | 447.23 | 2,535,975 | 23:22:35 |
By Michael Calia And Robin Sidel
MasterCard Inc. said its fourth-quarter profit jumped 29% as the credit-card company posted higher purchase volume and revenue.
The results, which beat analyst expectations, come as the picture steadily brightens for U.S. consumers, while global economic uncertainties are heightened by a strengthening dollar and falling oil prices.
"Despite a mixed global economy, we delivered solid results for the quarter and for the full year in 2014," Chief Executive Ajay Banga said in a news release Friday.
Purchase volume rose 12%, in terms of local currency, to $858 billion.
Cross-border volume improved 19%, and processed transactions rose 11% to 11.6 billion.
The results come a day after rival Visa Inc. posted higher profit, adding that spending on credit and debit cards has been strong while lower gasoline prices have consumers putting away much of the savings.
Visa shares rose 5% in morning trading, helping shave some of the losses in the Dow Jones Industrial Average. MasterCard shares rose about 1.5%.
MasterCard said gross dollar volume rose 13% to $1.2 trillion on a local-currency basis.
The company posted earnings of $801 million, or 69 cents a share, up from $623 million, or 52 cents a share, in the prior-year period.
Revenue rose 14% to $2.42 billion. Analysts had projected 67 cents a share in profit and $2.39 billion in revenue, according to Thomson Reuters.
The company also said it expected to eliminate 500 jobs as part of a companywide restructuring, but that some of those employees will be shifted into positions in growth areas, including digital investments.
It wasn't immediately clear how many of the company's roughly 10,000 employees would be laid off.
MasterCard's report comes more than a week after Mr. Banga told The Wall Street Journal that he is seeing good credit trends in the U.S. as banks and consumers move with caution during the recovery.
Although consumers are saving money at the gasoline pump due to lower oil prices, Mr. Banga said that so far there is no indication that they are funneling those savings into other discretionary spending. His comments echoed trends described by Visa in its earnings conference call on Thursday evening.
MasterCard, which has posted positive results recently as U.S. consumers continue to recover, is looking to expand into markets dominated by Visa. In November, MasterCard said it plans to launch a debit-card service in Canada this year.
Write to Michael Calia at michael.calia@wsj.com and Robin Sidel at robin.sidel@wsj.com
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