Business

MasterCard 1Q profit rises, but economy ‘choppy’

To grow, MasterCard is focusing on developing nations, where many of the transactions are still in cash.
Toby Talbot /Associated Press
To grow, MasterCard is focusing on developing nations, where many of the transactions are still in cash.

MasterCard Inc. said profit and revenue rose in the first quarter as card users spent more. Profit of $766 million, up 12 percent, beat the forecasts, though revenue missed despite having risen 8 percent to $1.9 billion. Company executives sketched a picture of a mixed global economy and a US consumer suffering from January’s payroll tax hike. The US economy ‘‘was definitely very choppy,’’ CFO Martina Hund-Mejean said. She expects the current quarter to be unsettled, too.