The world’s second-largest electronic payment network Mastercard says a drop in credit card spending and a stronger dollar is the reason for an 18 percent slip in profits.

Despite beating the forecasts of a group of industry analysts, the shares shed nearly five and half percent on the news. The figures were in stark contarst to the figures from market leader Visa earlier in the week, which reported a 71 percent rise in profits for the fiscal second quarter. Mastercard is freezing hiring, cutting advertising, marketing, travel and personnel costs, in a bid to stop the rot that has seen the share price slump by 38 percent in the past year, although since January that trend has reversed with a 33 percent rise.

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