MasterCard beats profit estimates as customers spend more

Payments network operator MasterCard Inc. (NYSE: MA) beat analysts' profit predictions for the third quarter, spurred by a 13 percent boost in the value of card transactions processed.

The Purchase, N.Y.-based company’s gross dollar volume rose to $1.16 trillion based on local currency, and net revenues rose 1.6 percent to $2.53 billion.

Net income fell to $977 million – 86 cents per share – from $1.02 billion or 87 cents per share a year earlier. According to Reuters, the company earned 92 cents per share, excluding items, in the third quarter, beating analyst estimates of 87 cents per share.

At the market’s close Wednesday, MasterCard’s stock value had increased by 16 percent this year but was still behind Visa Inc.’s 20 percent gain.

Read more from Reuters.