Reuters: Global Markets: MasterCard revenue misses for second time as consumer spending slows

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MasterCard revenue misses for second time as consumer spending slows Oct 31st 2012, 13:21 Tweet Share this Email Print Related News Moody's rides corporate refinance wave to higher profit Fri, Oct 26 2012 Visa hires JPMorgan's Charles Scharf as CEO Wed, Oct 24 2012 Capital One profit surges after acquisitions Thu, Oct 18 2012 Corporate cutbacks hold back Amex profit Wed, Oct 17 2012 PepsiCo keeps 2012 outlook despite quarterly beat Wed, Oct 17 2012 Analysis & Opinion Procter & Gamble earnings give CEO McDonald some relief China's mild slowdown dims hope for big stimulus Related Topics Investing Simplified » Hot Stocks » Asian Markets » Money » A MasterCard logo is seen on a door outside a restaurant in New York, February 3, 2010. Credit: Reuters/Shannon Stapleton Wed Oct 31, 2012 9:21am EDT (Reuters) - Payment network MasterCard Inc's quarterly revenue missed analysts' estimates for the second time in a row as consumers held back on spending. Third-quarter revenue rose 5 percent to $1.92 billion, but fell short of the $1.94 billion analysts had expected. Cardholders made $676 billion worth of purchases worldwide in the quarter on a local currency basis, up 12 percent. Purchase volume had grown 13 percent in the second quarter, and by more than 15 percent in the preceding four quarters. In the United States, growth in purchase volume slowed to 7.4 percent from 13.7 percent a year earlier. The world's second-largest credit and debit card network said net income rose 8 percent to $772 million, or $6.17 per share, in the third quarter from $717 million, or $5.63 per share, a year earlier. Analysts on average were expecting the company to earn $5.92 per share excluding one-time items, according to Thomson Reuters I/B/E/S. Shares of the company, which has a market value of about $56 billion, were down $1.98 in premarket trade. They had closed at $452.98 on the New York Stock Exchange on Friday. (Reporting by Jochelle Mendonca in Bangalore; Editing by Akshay Lodaya and Sreejiraj Eluvangal) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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