News Summary: MasterCard's revenue misses estimate

AP News
Posted: Aug 01, 2012 3:44 PM

BLAME THE BUCK: MasterCard says a strengthening of the U.S. dollar against other major currencies in the second quarter eroded the value of its overseas earnings.

REVENUE MISS: The payment processor's revenue was $1.82 billion in the second quarter, below the $1.88 billion Wall Street analysts were expecting.

LEGAL COSTS: MasterCard took a $13 million charge to cover legal costs. Last month MasterCard, Visa and a group of major banks announced a settlement with stores over transaction fees.