Visa posts 4Q profit on debit card use, cost cuts
Visa posts 4th-quarter profit as lower costs, debit card growth offset lower payment volume
By Eileen Aj Connelly, AP Business Writer
NEW YORK (AP) -- Visa Inc. on Tuesday posted a profit for its fiscal fourth quarter, reversing a year-ago loss, as cost reductions and growing debit card use made up for a decline in payment volume reflecting consumer spending cutbacks.
The payments processor reported a profit of $514 million, or 69 cents per share, on revenue of $1.87 billion. Adjusted for restructuring charges and other items, the company said it earned 74 cents per share.
That compares with a year-ago loss of $356 million, or 45 cents per share, on revenue of $1.71 billion.
Analysts polled by Thomson Reuters, on average, expected Visa to post profit of 72 cents per share, on revenue of $1.78 billion. Analysts typically exclude one-time items in their estimates.
Visa, which is based in San Francisco, said payment volume slipped 2 percent, to $687 million. But the total number of cards carrying the Visa brand rose 5 percent worldwide, to 1.7 billion, and total processed transactions rose 9 percent to 10.5 billion. (more)
By Eileen Aj Connelly, AP Business Writer
NEW YORK (AP) -- Visa Inc. on Tuesday posted a profit for its fiscal fourth quarter, reversing a year-ago loss, as cost reductions and growing debit card use made up for a decline in payment volume reflecting consumer spending cutbacks.
The payments processor reported a profit of $514 million, or 69 cents per share, on revenue of $1.87 billion. Adjusted for restructuring charges and other items, the company said it earned 74 cents per share.
That compares with a year-ago loss of $356 million, or 45 cents per share, on revenue of $1.71 billion.
Analysts polled by Thomson Reuters, on average, expected Visa to post profit of 72 cents per share, on revenue of $1.78 billion. Analysts typically exclude one-time items in their estimates.
Visa, which is based in San Francisco, said payment volume slipped 2 percent, to $687 million. But the total number of cards carrying the Visa brand rose 5 percent worldwide, to 1.7 billion, and total processed transactions rose 9 percent to 10.5 billion. (more)
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