SAN FRANCISCO—The ongoing shift toward greater use of plastic cards over cash can be seen in Visa’s latest profit numbers, which show income is up by nearly double digits.
The company said it earned a profit of $4.2 billion, or $2 a share, in its fiscal third quarter compared with a profit of $3.4 billion, or $1.60 a share, in the same period a year earlier. Last year’s results included a $456 million legal expense. Excluding that one-time cost, Visa’s adjusted profits rose 7% from a year earlier, the Associated press reported.
Visa said its payments volume rose 9% from a year earlier, while the number of processed transactions on Visa’s network increased 10% from a year earlier.
Nearly $4 Trillion
“Roughly $3.799 trillion was processed on Visa’s network last quarter, with the biggest growth coming from Central and Eastern Europe, the Middle East and Latin America,” the AP reported. “In the U.S., which accounts for roughly half of Visa’s global payments volume, the number of payments rose 4.9%.”
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