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MasterCard Inc beat second-quarter profit estimates on Thursday but the world’s second-largest payments processor raised its full-year guidance for expenses, sending its shares 3 per cent lower before the opening bell.

The company now expects operating expenses to grow in a “high-teens” percentage in the year, compared with its prior forecast of a mid-teens rise.

Operating expenses rose 23.5 per cent to $1.73 billion in the second quarter ended June 30, as the company continues to invest in safety and security and digital products.

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MasterCard, which processes more than 65,000 transactions a minute, said gross dollar volumes rose 15.3 per cent to $1.48 trillion in the quarter. The United States, the company’s largest market, accounted for about 30 per cent of the total.

Cross-border volumes – the value of transactions made by card holders abroad – increased 23.6 per cent on a U.S. dollar basis.

Net income jumped 33 per cent to $1.57 billion, or $1.50 per share, in the quarter ended June 30.

On an adjusted basis, the company earned $1.66 per share, beating the average analyst estimate of $1.53, according to Thomson Reuters I/B/E/S.

The Purchase, New York-based company’s total revenue rose 20 per cent to $3.67 billion, topping estimates of $3.65 billion.

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