NEW YORK (AP) - Visa Inc. said its fiscal third-quarter profit jumped 25 percent, helped by a double-digit rise in payments processed on its network.
NEW YORK (AP) — Visa Inc. said its fiscal third-quarter profit jumped 25 percent, helped by a double-digit rise in payments processed on its network.
The San Francisco-based payment processing company earned $1.7 billion after payments to preferred shareholders, compared to a profit of $1.36 billion a year earlier. On a per share basis, the bank earned 69 cents per Class A share, compared with 54 cents per share a year earlier.
The results easily topped estimates. Analysts surveyed by FactSet expected earnings of 58 cents per share.
Net revenue at Visa totaled $3.52 billion, up from $3.15 billion a year earlier.
Customers spent $1.2 trillion on Visa's network, up 11 percent from a year ago, in the three months of 2015. Visa takes a small percentage of every transaction processed on its network as a fee, which is almost always paid by the merchants who accept Visa credit or debit cards.
In the U.S., where more than half of Visa card transactions are processed, payment volume grew a solid 8.7 percent from a year ago.
Visa had 2.42 billion cards issued on Visa's network, up 7 percent from a year earlier.
Shares of Visa jumped $5.16, or 7.1 percent, to $76.90 in after-market trading Thursday.