Mastercard reports $9.8B Q3 net revenue, up 14%, with value-added services up 19%

Mastercard reported third-quarter net revenue of $9.8 billion, up 14% both as reported and on a currency-neutral basis. Net income was $4.6 billion, up 18%, and diluted EPS was $5.28, up 22%. Year to date, net revenue is $27.5 billion, up 15%.

Value-added services and solutions revenue grew 19%, faster than payment network revenue, which rose 11%. Gross dollar volume grew 7% on a local-currency basis to $3.0 trillion, purchase volume grew 9%, cross-border volume grew 11% and switched transactions grew 9%.

CEO Michael Miebach called it another strong quarter for Mastercard, with net revenue growth of 14%.

The read: the services layer now grows nearly twice as fast as the payment network.