MasterCard announced financial results for Q2 2013
MasterCard Incorporated announced financial results for the second quarter of 2013. The company reported net income of $848 million, up 19%, and earnings per diluted share of $6.96, up 23%, in each case versus the year-ago period, excluding a special item representing a charge related to the U.S. merchant litigations taken in the second quarter of 2012. These net income and earnings per diluted share growth figures are reconciled to their comparable GAAP measures in the accompanying financial tables.
Net revenue for the second quarter of 2013 was $2.1 billion, a 15% increase versus the same period in 2012, both on an as-reported basis and adjusted for currency. Net revenue growth was driven by the impact of the following:
- A 13% increase in gross dollar volume, on a local currency basis, to just over $1 trillion;
- An increase in cross-border volumes of 17%; and
- An increase in processed transactions of 11%, to 9.5 billion.
These factors were partially offset by an increase in rebates and incentives.