NEW YORK (AP) — MasterCard is reporting a 15 percent increase in quarterly income. The company is also recording a $13 million expense related to a settlement with merchants over credit card fees.
The Purchase, N.Y.-based payments processor earned $700 million, or $5.55 per share, on revenue of $1.8 billion in the second quarter. That's up from $608 million or $4.76 per share a year ago.
Excluding the charge, MasterCard earned $713 million or $5.65 a share, more than the $5.57 per share Wall Street analysts were expecting.
Purchase volume, the amount people spent on debit and credit cards with MasterCard logos, rose 13 percent worldwide.
The growth was tempered by the strength of the dollar, which reduced revenue earned overseas when converted to dollars. MasterCard's stock fell $12.58 to $423.99 in pre-market trading.