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MasterCard earnings hit by spending slowdown
2009-02-05
NEW YORK - MasterCard Inc (MA.N), the world's second-largest credit card network, reported a 21 percent decline in fourth-quarter earnings, hit by a slowdown in consumer spending as recession deepens. Purchase, New York-based MasterCard said earnings fell to $239.4 million, or $1.84 a share, from $304.2 million, or $2.26 a share, a year earlier. Revenue increased 14.2 percent to $1.2 billion. MasterCard's gross dollar volume increased 3.4 percent to $605 billion on a local currency basis, much slower growth than in recent quarters. Shares of MasterCard were up 5.5 percent at $147.90 in premarket trading.
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