The new revenue recognition rules and acquisitions contributed 4 and 2.5 percentage points to the revenue growth.
As of March 31, 2018, the company had issued 2.4 billion Mastercard and Maestro-branded cards, adjusted for the impact of the Venezuela deconsolidation.
Gross dollar volume grew 19.3% to $1.415 trillion, while purchase transactions improved 18.3% to $20.303 billion. During the quarter, the company had 11% growth in cash transactions.
Looking ahead into fiscal 2018, on an organic basis, the company now expects revenue growth in the mid-teens compared to the previous estimate range of high end of low-double digits. Operating expenses are now predicted to be in the high-single digits, versus the prior forecast mid-single digit on the organic basis.
With revenue climbing 31% to $3.6 billion, the company’s earnings soared 38% to $1.5 billion or $1.41 per share.
On a non-GAAP basis, Mastercard raised its guidance for net revenue to high-teens and operating expenses to mid-teens.
Recently, Mastercard appointed Ann Cairns as Vice Chairman, effective June 1, 2018. Cairns will be succeeded by Gilberto Caldart as President, International. Carlo Enrico will assume the role of President of the Latin America and Caribbean region.
Earlier, rival Visa (V) posted better-than-expected second-quarter results, thanks to higher consumer spending and rising oil prices that drove cross-border volumes and payments volumes growth. Based on the strong first-half results, Visa had also raised its 2018 guidance.