Credit card processor MasterCard (MA) reported earnings Thursday well above analyst estimates, as more consumers chose to pay with plastic instead of cash over the holidays, Investor’s Business Daily reported.
MasterCard’s earnings rose 28% to $4.03 a share, beating forecasts for $3.91 on revenue of $1.73 billion, IBD reported.
Processing transactions shot up 23.2% in the fourth quarter compared to a year earlier, and global purchasing volume grew 16.3% to $648 billion led by growth in Asia and Latin America, according to IBD.
MA shares rose nearly 7% to 381.57, a new record high, reported IBD.
MA is a Cabot Benjamin Graham Value Letter stock.
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