Mastercard 1Q Net, Revenue Up on Increased Spending, Network Growth

By Rob Curran

Mastercard's first-quarter net income and revenue rose sharply in the first quarter on increased spending volumes and growth in merchant networks.

The Purchase, N.Y., credit-card provider posted earnings of $3.3 billion, or $3.59 a share, up from $3 billion, or $3.22 a share, a year earlier.

On an adjusted basis, earnings were $3.73 a share, eclipsing the average analyst estimate of $3.58 a share.

First-quarter revenue surged 14% to $7.25 billion, topping the mean Wall Street estimate of $7.13 billion. Revenue was boosted by growth in payment networks, the company said. Payment network rebates and incentives increased 12%.

Gross dollar volume increased 9%, on a local currency basis, to $2.4 trillion.

Write to Rob Curran at rob.curran@wsj.com