Payments processing giant Visa Inc. has posted an 18% rise in its fiscal fourth-quarter profits
Payments processing giant Visa Inc. posted an 18% rise in its fiscal fourth-quarter profits Tuesday, as the company continues to benefit from the growing use of credit and debit cards globally. The San Francisco-based company said it earned $4.82 billion in the quarter, or $2.33 a share after one-time adjustments. That's compared to a profit of $4.09 billion, or $1.93 a share, in the same period a year ago. Visa beat analysts' forecasts, according to FactSet.
The acceptance of digital payments goes straight to the bottom line of Visa and its competitor Mastercard, which take a fee from every transaction that is run on their networks. Visa reported a 9% rise in payments volume on its network and a 10% rise in the number of transactions on its network. Consumers spent $3.196 trillion on Visa's network globally last quarter, with the company posting a healthy 6% growth in spending in the U.S., the company's largest market.
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