(This version of the July 26th story corrects to say company reiterated its full-year expense forecast, not raised the full-year expense forecast in headline and paragraphs 1, 2)
FILE PHOTO: A Mastercard logo is seen on a credit card in this picture illustration August 30, 2017. REUTERS/Thomas White/Illustration/File Photo
(Reuters) - Mastercard Inc (MA.N) beat second-quarter profit estimates on Thursday and the world’s second-largest payments processor reiterated its full-year forecast for expenses.
The company continues to expect operating expense growth to be in the “mid-teens” for 2018.
Operating expenses rose 23.5 percent to $1.73 billion in the second quarter ended June 30, as the company continues to invest in safety and security and digital products.
Mastercard, which processes more than 65,000 transactions a minute, said gross dollar volumes rose 15.3 percent to $1.48 trillion in the quarter. The United States, the company’s largest market, accounted for about 30 percent of the total.
Cross-border volumes - the value of transactions made by card holders abroad - increased 23.6 percent on a U.S. dollar basis.
Net income jumped 33 percent to $1.57 billion, or $1.50 per share, in the quarter ended June 30.
On an adjusted basis, the company earned $1.66 per share, beating the average analyst estimate of $1.53, according to Thomson Reuters I/B/E/S.
The Purchase, New York-based company’s total revenue rose 20 percent to $3.67 billion, topping estimates of $3.65 billion.
Reporting by Nikhil Subba in Bengaluru; Editing by Maju Samuel
