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Visa's quarterly profits rise by 16%
[12:00:00 AM Thursday, March 03, 2011]
Visa posted its quarterly profit and stated on Wednesday, that in the most recent quarter, its debit card usage had grown, and consumers were returning to use their credit cards.
The net income of the company for that period had risen to $884 million ($1.23 per share) from $763 million ($1.02 per share) since last year. The revenue during that period ending 31st December (Visa’s first quarter of the fiscal year) had risen across all its main businesses, and gained 14% to $2.24 billion from $1.96 billion.
The global increase in payments was the reason behind Visa’s growth, both in terms of volumes and higher payments. The total number of transactions had risen to 15% (13 billion) in the quarter.
While analysts expected to see a profit of $1.20 per share with revenue of $2.22 billion, the results had even topped the expectations from Wall Street as per the data provided by FactSet.
After hours trading, however, saw a slip in shares and the stocks fell 94 cents to $71.15 after closing at $1.39 (1.97% at $72.09).
Jason Kupferberg, the UBS analyst, states that the investors may have been disappointed that the results had not exceeded their expectations by a bigger margin. Visa has always managed to post stronger figures than the Wall Street predictions.
He, however, stated that the quarter was strong and that was no major surprise as the global spending on the cards had increased. The last couple of quarters have seen higher spending, and that was a positive sign.
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