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03/08/2010 -
While Visa experienced an increase in credit card machine transactions for this year’s second quarter, MasterCard, the world’s second-biggest payments network, stalled.The credit card company recently revealed that shares have declined by 21 percent on the year to $198.85 because of slower growth in the number of debit and credit card transactions. In fact, total processed transactions rose only 0.1 percent.
Recently, MasterCard appointed a new CEO, Ajay Banga, in the hopes of reversing the company’s business losses to its larger rival, Visa.
However, MasterCard still beat Wall Street’s expectations. Net income rose 31 percent, or $3.49 per diluted share, compared to analysts’ estimates for earnings per share of $3.34. This also represented an increase over last year’s numbers, when MasterCard earned $2.67 per share.
Last week, Visa also announced a fiscal third quarter of profit that exceeded analyst estimates, according to Bloomberg. The company reported net income of 97 cents a share, versus predictions of 93 cents.
