MasterCard reported first-quarter earnings and sales Tuesday that topped analysts' expectations, sending shares of the stock higher.
Here's what the company reported vs. what the Street was expecting:
- Earnings per share: $1.01 vs. estimate of 95 cents according to Thomson Reuters' consensus survey.
- Revenue: $2.734 vs. estimate of $2.651 billion, according to Thomson Reuters.
Shares closed 1.5 percent higher on Tuesday.
MasterCard reported a 12.7 percent increase in quarterly profit for the period ended March 31, as more consumers purchased items using credit and debit cards, the company said.
"We're off to a very good start, with strong revenue and earnings growth driven by solid transaction and volume levels this quarter," CEO Ajay Bangasaid in a statement.
MasterCard's net income rose to $1.08 billion for the quarter, from $959 million a year ago.
As of March 31, the payment network said its customers have issued 2.4 billion MasterCard and Maestro-branded cards. First-quarter adjusted gross dollar volume was up 8 percent, and purchase volume grew 9 percent, MasterCard added.
During the first quarter MasterCard also said it repurchased approximately 9 million shares at a cost of $1 billion, and has returned $238 million to shareholders in the form of dividends. The company now has $3.8 billion remaining under current repurchase program authorizations.