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LI-based Planet Payment net sharply higher

A Google street view of the Planet Payment

A Google street view of the Planet Payment headquarters in Long Beach in February 2013. Credit: Google

Long Beach-based Planet Payment Inc. said Tuesday that its second-quarter net income rose nearly fivefold, to $1.51 million, from $305,000 the year before, as it added new accounts.

The payment-transaction company also cut operating expenses significantly, to 10.2 million, from 11.4 million the year before.

Per-share income rose to 2 cents in the quarter that ended June 30, from 0 cents a year earlier. Sales edged up to $11.9 million, from $11.8 million.

Planet Payment said the continued growth in processing services in the United States, Brazil, Indonesia and Mexico helped boost earnings and revenue.

The company provides payment-processing services in 23 countries that allow customers and merchants to transact credit-card business in multiple currencies.

Planet Payment shares were up Wednesday about 3 cents at $2.47. On Tuesday shares rose 25 cents to close at $2.44.

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