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MasterCard (MA): Credit Card Giant Sees Poor First Quarter Earnings
MasterCard Inc. (NYSE: MA), the world’s second-largest electronic payments network, reported an 18% decline in profits in the first quarter. The company also said projected revenue growth this year will fall short of its goals, as the strong dollar reduced overseas revenue and credit card spending fell.
MasterCard’s first-quarter net income dropped to $367.3 million, or $2.81 a share, from $446.9 million, or $3.38, a year earlier, the Purchase, New York-based company said in a statement. The results beat the $2.62 average estimate of analysts in a Reuters survey.
Revenue declined 2.2% to $1.2 billion from a year earlier because of…
4May2009 | Money Morning | 0 comments | Continued
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