Visa 3Q profit jumps, as more is spent on its network

July 25, 2018 - 3:40 pm

NEW YORK (AP) — Payment processing giant Visa says its fiscal third-quarter profits rose an adjusted 36 percent from a year ago, helped by an 11 percent increase in the amount people spent on its namesake network.

Visa reported a profit of $2.33 billion, up from $2.06 billion in the same period a year earlier. Excluding a $600 million one-time charge related to a lawsuit Visa is defending, the company's net income was $2.79 billion, or $1.20 a share. That beats the $1.09 per-share estimate analysts had been expecting according to FactSet.

Consumers spent $2.101 trillion on Visa's network worldwide last quarter, up 11.1 percent from a year earlier. Visa earns a small fee for every dollar spent on its network.

Total revenues were $5.24 billion up from $4.57 billion a year earlier.

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