MasterCard Inc. said Monday that it swung to a loss as a result of an antitrust lawsuit, but said that profits on an adjusted basis inched up 2.5%.
The Purchase, N.Y., payments network reported a loss of $194 million, or $1.49 per diluted share, for the third quarter, versus income of $314 million in the same quarter last year.
After adjusting for litigation and restructuring costs, which included a $827.5 million net pretax charge for the settlement of Discover Financial Services' antitrust lawsuit, MasterCard reported earnings of $322 million, or $2.47 per diluted share.
Worldwide purchase volume during the quarter rose 13.3%, to $497 billion. Revenue climbed 23.6%, to $1.3 billion.