Credit Card Company Mastercard Reports Better-than-expected Q3 Earnings

Shares of Mastercard Inc. rose more than 2% in premarket trade on Friday after the credit and debit card company reported third-quarter earnings above Wall Street expectations. Net income for the quarter came in at $1.2 billion, or $1.08 per share, compared with $977 million, or 86 cents during the same period a year ago. The FactSet consensus on earnings per share was for 98 cents. Revenue hit $2.9 billion, compared with $2.5 billion a year ago and above FactSet's $2.7 billion revenue consensus. Mastercard said purchase volume was up 5% in the quarter. Shares of Mastercard have gained more than 6% in the year to date, outperforming the S&P 500 Index , which is up more than 4%.