MasterCard Surges as Profit Increases 38% on Card Spending
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MasterCard Inc., the world’s second-biggest payments network, climbed the most since August as an increase in card spending helped the firm’s third-quarter profit beat analysts’ estimates.
The stock advanced 7 percent to $357.66 in New York, the highest close since MasterCard’s May 2006 initial public offering. Net income rose 38 percent to $717 million, or $5.63 a share, from $518 million, or $3.94, a year earlier, the Purchase, New York-based firm said today in a statement. The average estimate of 29 analysts surveyed by Bloomberg was $4.82.