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Visa gets 16% rise in profit

03 February 2011 12:27 (UTC +04:00)

Baku - APA-Economics. The company said net income for the period rose to $884 million, or $1.23 a share, from $763 million, or $1.02 a share, a year earlier, New York Times reported.

Revenue in the period, which ended Dec. 31 and was the first quarter of Visaâ€™s fiscal year, rose across all of its main businesses, gaining 14 percent, to $2.24 billion from $1.96 billion.

Visa said its growth was driven by higher payments volume both in the United States and globally. The total number of transactions handled in the quarter rose 15 percent, to 13 billion.

The results topped Wall Streetâ€™s expectations. Analysts were expecting profit of $1.20 a share and revenue of $2.22 billion, according to data provided by FactSet.

Shares, however, slipped in after-hours trading. The stock fell 94 cents, to $71.15, after closing up $1.39, or 1.97 percent, at $72.09.