MasterCard Reports First Quarter Financial Results
MasterCard has announced first quarter 2006 financial results reporting net income for the quarter of $127 million compared to $93 million in 2005. For the three months ended March 31, 2006, net revenue was $739 million, a 12.3% increase versus 2005.
The increase in revenue was due primarily to higher gross dollar volume (GDV) on MasterCard branded cards, up 13.4% to $425.9 billion, and growth in the number of transactions processed by MasterCard in the first quarter. GDV growth was fueled by cardholders using the 772.4 million MasterCard cards issued by the company's global customer base at more than 24 million acceptance locations around the world. MasterCard achieved strong international growth, driven primarily by an increase in cross-border travel. Certain pricing changes that went into effect on April 1, 2005 also fueled the increase in revenue."MasterCard's performance demonstrates our true force as a global payments company," said Robert W. Selander, MasterCard president and chief executive officer. "By leveraging our strengths, we are delivering on our commitment to bring our customers innovative products and value-added services to help them build, manage and enhance the profitability of their payments businesses."
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