PURCHASE, N.Y. (AP) _ MasterCard Inc. (MA) on Wednesday reported first-quarter profit of $1.69 billion.
On a per-share basis, the Purchase, New York-based company said it had profit of $1.68. Earnings, adjusted for non-recurring costs, came to $1.83 per share.
The results exceeded Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.72 per share.
The processor of debit and credit card payments posted revenue of $4.01 billion in the period, also exceeding Street forecasts. Ten analysts surveyed by Zacks expected $3.96 billion.
MasterCard shares have declined 11% since the beginning of the year, while the Standard & Poor’s 500 index has declined 11%. The stock has risen roughly 8% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MA at https://www.zacks.com/ap/MA
The Associated Press