Consumer spending levels seem to be holding up well, based on third quarter numbers from credit and debit card provider MasterCard (NYSE:MA).
The operator of the second-largest payments networks net income fell 3.7% to US$977mln from US$1.02bn the year before, but the fall was not as precipitous as analysts had feared.
Reported earnings per share dipped to 86 cents from 87 cents, but excluding a US$50mln charge relating to its pension plan, the number rose to 91 cents, which topped analysts' expectations by three cents.
Revenue was up 1.6% to US$2.53bn from US$2.49bn last year, but was shy of the consensus forecast of US$2.55bn.
Global debit and credit spending volume growth held steady, with spending in the U.S. up 7.6%; in Asia spending rose 2.7% but in Latin America it slumped 15%.
Adjusting for currency fluctuations, worldwide spending rose 13%.
"We are pleased with the results we delivered this quarter, in spite of the ongoing uncertainty in the global economy," said Ajay Banga, chief executive of MasterCard.