Visa Inc., a leading payment processing company based in San Francisco, announced a 9% increase in its fiscal third-quarter profits on an adjusted basis. This growth is attributed to the shift of consumers and businesses towards using credit and debit cards over cash for their transactions.
In the latest quarter, Visa reported earnings of $4.87 billion, equivalent to $2.40 per share, compared to $4.16 billion, or $2.00 per share, in the same period last year. Excluding exceptional items, Visa’s earnings were $2.42 per share, meeting analysts’ expectations.
During the quarter, Visa processed a total of $3.325 trillion in transactions on its network, marking a 7.4% increase from the previous year. The growth in payments was particularly strong in Europe and Latin America, with a notable 5.1% increase in the U.S., surpassing the country’s economic growth rate.
Visa generates revenue through transaction fees on its network, which typically range from 1% to 4% depending on the industry and card type used. This consistent revenue stream contributes to Visa’s financial success.
2024-07-23 16:13:10
Source from finance.yahoo.com