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Visa profit up on economic recession

Visa profit up on economic recession

05 February 2009 10:17 (UTC +04:00)

Baku-APA-Economics. Visa says its fiscal first-quarter profit rose by 35 percent as payment volume rose despite the recession. The results beat Wall Street expectations, AP reports.
The credit card payment processor reported net income of $574 million, or 74 cents per share. Thatâ€™s up from $424 million, or 55 cents per share, in the same quarter a year ago.
Excluding one-time charges, Visa earned $599 million, or 78 cents per share, in the latest quarter.
That easily beat Wall Streetâ€™s expectations. Thomson Reuters says analysts expected a profit in the latest quarter of 66 cents per share.
San Francisco-based Visa says its revenue rose 17 percent to $1.74 billion. Payments volume jumped 12 percent over the year-ago period to $701 billion.

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