MasterCard 4Q profit climbs 3 percent

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Associated Press

Posted on January 31, 2014 at 7:00 AM

Updated Friday, Jan 31 at 7:02 AM

PURCHASE, N.Y. (AP) — MasterCard says its fourth-quarter earnings climbed 3 percent as higher revenue balanced a jump in expenses, but results missed expectations.

The payment networks company earned $623 million, or 52 cents per share, in the three months ended Dec. 31. That compares with $605 million, or 49 cents per share, a year earlier.

Earnings in the most recent quarter totaled 57 cents per share, not counting a litigation-related charge.

Revenue climbed 12 percent to $2.13 billion, as consumers hit stores for holiday shopping.

Analysts anticipated adjusted earnings of 60 cents per share on $2.14 billion in revenue.

Rival Visa Inc., along with card issuers American Express Co. and Discover Financial Services, reported higher card spending during the holiday season.

MasterCard's stock is down more than 6 percent in premarket trading.

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