UPDATE: MasterCard Posts Rise In Q1 Profit

MasterCard

reported a 14% gain in its first-quarter profit. MasterCard's quarterly profit surged to $870 million, or $0.73 per share, versus a year-ago profit of $766 million, or $0.62 per share. Its revenue climbed 14% to $2.2 billion, from $1.91 billion. However, analysts were projecting earnings of $0.72 per share on revenue of $2.14 billion. MasterCard's worldwide transactions in gross dollar volume climbed 14% to $1.0 trillion, while purchase volumes surged 13% on a local currency basis to $759 billion. Processed transactions jumped 14% to 9.8 billion. The company's press release offered the following comment from Ajay Banga, president and CEO of MasterCard: “We kicked off the year with a strong quarter, despite a mixed global economy. We secured several new agreements, including three of the largest retailers. Wal-Mart and Sam's Club will flip their co-brand portfolios to MasterCard. Target will also shift its co-brand to MasterCard and use our chip and PIN technology across all of its card products as part of a commitment to provide its customers with the most secure payment product. At the same time, we continue to invest in technology and acquisitions that will speed our development of mobile and online solutions.” MasterCard shares gained 1.89% to $74.94 in perform.