MasterCard Q2 profit beats estimates

PURCHASE, NEW YORK: MasterCard says it booked a profit of nearly $350 million during the second quarter, exceeding Wall Street's expectations.

The Purchase, New York-based credit card and global payments processor earned $348.9 million, or $2.67 per share, in the period ended June 30. That compares with a loss of $746.7 million, or $5.70 per share, in the same period a year earlier.

Results in the year-ago period were weighed down by a $1.65 billion charge related to a litigation settlement.

Revenue climbed nearly 3 percent to $1.28 billion. Analysts projected earnings of $2.42 per share on revenue of $1.25 billion.

MasterCard says cost-cutting initiatives helped offset a slight decline in purchase volume.