MasterCard Charges Ahead
MasterCard(MA) soared 13% after the credit card company posted a 63% jump in earnings.
In the three months ended Sept. 30, the Purchase, N.Y., company made $314 million, or $2.31 a share, compared to $193 million or $1.42 a share in the year-ago period. Revenue rose 20% from a year ago to $1.08 billion. The results included an after-tax gain of $70 million, or 51 cents a share, from MasterCard's sale of 25% of its stake in Brazilian credit card processor Redecard. Analysts expected the company would make $1.42 a share on $1.03 billion of revenue. MasterCard said the strong revenue was fueled by higher volume and increased spending on its credit cards across many regions.Cramer Likes Mastercard |
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