MasterCard Income Jumps 63% in 3Q
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MasterCard Inc.’s third-quarter net income jumped 63%, in part on a gain from its partial share of a Brazilian company, as consumer spending and international growth remained strong.
Its shares, which have gained more than fivefold since the company went public in May 2006, recently rose 13.5% to $178.36.
MasterCard, like its bigger rival Visa, doesn’t issue cards, which limits its exposure to the worsening credit quality currently being experienced by many card-issuing banks. However, its growth could be hampered by a potential slowdown in consumer spending. The latest figures from the Conference Board show that consumer confidence in America fell more than expected, heightening concerns that Americans will put a brake on spending in the midst of the two-year housing slump.