Payment network MasterCard Inc.’s quarterly revenue missed analysts’ estimates for the second time in a row as consumers held back on spending.
Third-quarter revenue rose 5 per cent to $1.92-billion, but fell short of the $1.94-billion analysts had expected.
Cardholders made $676-billion worth of purchases worldwide in the quarter on a local currency basis, up 12 per cent.
Purchase volume had grown 13 per cent in the second quarter, and by more than 15 per cent in the preceding four quarters.
In the United States, growth in purchase volume slowed to 7.4 per cent from 13.7 per cent a year earlier.
The world’s second-largest credit and debit card network said net income rose 8 per cent to $772-million, or $6.17 per share, in the third quarter from $717-million, or $5.63 per share, a year earlier.
Analysts on average were expecting the company to earn $5.92 per share excluding one-time items, according to Thomson Reuters I/B/E/S.