Visa quarterly profit jumps 72%

Visa quarterly profit jumps 72%
AP
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First Published: Thu, Jul 30 2009. 10 12 AM IST
Updated: Thu, Jul 30 2009. 10 12 AM IST
San Francisco: Visa Inc.’s fiscal third-quarter profit jumped 72% as global payment processing volume offset a slight volume decline in the United States.
The world’s largest electronic payment network on Wednesday reported net income of $729 million, or 97 cents per share. That’s up from a profit of $422 million, or 51% per share, in the year-ago period.
Excluding one-time items including the sale of an interest in a Brazilian venture, Visa’s adjusted quarterly profit was $507 million, or 67 cents per share.
Thomson Reuters says analysts expected, on average, earnings of 64 cents per share.
Visa’s revenue rose 2% to $1.65 billion, above a forecast of $1.64 billion.
San Francisco-based Visa reaffirmed revenue expectations for this year.
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First Published: Thu, Jul 30 2009. 10 12 AM IST