MasterCard Reports 1Q2009 FInancial Results
MasterCard Incorporated has announced financial results for the first quarter 2009 reporting that net revenue was $1.2 billion, a 2.2% decline versus the same period in 2008. MasterCard's gross dollar volume was up 0.3%, on a local currency basis, versus the first quarter of 2008, to $550 billion. Worldwide purchase volume during the quarter was also up 0.3% on a local currency basis versus the first quarter of 2008, to $411 billion. Purchase volume in the US declined 8% in the quarter with a 17% decline in credit and charge card volume in the US. The number of processed transactions increased 5.8% compared to the same period in 2008, to 5.1 billion. A presentation on the financial results is available online.
"As we navigate through these challenging economic times, we've taken important steps to better align our operations with the current environment," said Robert W. Selander, MasterCard president and chief executive officer. "We've taken considerable cost-reduction actions allowing us to deliver a strong operating margin of 48.6%, while keeping focused to ensure MasterCard is well positioned for long-term growth.
"As we move forward," Selander added, "we're maintaining a flexible and adaptable approach to ensure we continue to deliver value to our customers. Whether through the innovative products and solutions we offer, or our unmatched advisory and information services, we're making payments easier and more efficient for everyone involved."
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