MasterCard Inc net profit totaled $367 million in 2009 first quarterMay 2, 2009 - 14:15 AMT PanARMENIAN.Net - MasterCard Inc posted better-than-expected quarterly earnings on Friday but said revenue growth this year will fall short of its targets, sending its shares down 7 percent in afternoon trading.The world's second-largest credit card network said lower expenses and increased fees helped first-quarter results. Net income fell 18 percent to $367 million, or $2.80 per share, from $447 million, or $3.37 per share, a year earlier. But the results beat Wall Street expectations. Analysts, on average, forecast earnings of $2.62 per share, according to Reuters Estimates. MasterCard shares climbed to a seven-month high on Thursday, a day after Visa released its earnings. MasterCard is partially insulated from the credit crisis because it processes transactions rather than lends funds. But the company has seen a slowdown in the growth of revenue and transaction volumes as battered consumers used their credit cards less. MasterCard's first-quarter U.S. credit volume fell 17.2 percent, compared to an 11.4 percent decline last quarter, while U.S. debit volume grew 5.6 percent, in line with the levels of the previous quarter. Credit and charge programs accounted for 67 percent of the gross dollar volume of MasterCard, while the remaining 33 percent was related to debit cards. In addition, mounting pressure from Washington for credit card companies to slash fees and interest rates could takes its toll on card networks, as it could slow growth in an industry that developed rapidly before the financial crisis. MasterCard shares were down 7.8 percent at $169.15 in afternoon trading on the New York Stock Exchange. The shares are up 25 percent this year, Reuters reported. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. |