MasterCard Inc reported on Tuesday quarterly earnings as the world''s second-largest credit card network raised fees to banks and trimmed expenses, while consumers used their debit cards more.
MasterCard's third-quarter net income rose to $452 million, or $3.45 per share, compared with a loss of $194 million, or $1.48 per share, a year earlier.
Revenue rose 2% to $1.4 billion, boosted by higher fees charged to banks and increased consumer use of credit and debit cards, while expenses declined 13 percent to $685 million, as the company trimmed advertising and marketing spending and reduced personnel and administrative costs.
Processed transactions grew 7.6% in the quarter to 5.8 billion. The company's larger rival, Visa Inc, reported better-than-expected quarterly earnings last week, helped by higher prices and debit card use. MasterCard shares were up 1.0%to $225.00 in premarket trading. The stock is up 57% in 2009.
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