Visa Inc. said its adjusted third-quarter profits rose by nearly double digits, as the global payments company continues to benefit from the broad shift by consumers to using credit and debit cards instead of cash.
The company said Tuesday that it earned a profit of $4.2 billion, or $2 a share, in its fiscal third quarter compared with a profit of $3.4 billion, or $1.60 a share, in the same period a year earlier. Last year's results included a $456 million legal expense. Excluding that one-time cost, Visa's adjusted profits rose 7% from a year earlier.
Visa said its payments volume rose 9% from a year earlier, while the number of processed transactions on Visa's network increased 10% from a year earlier. Visa gets a fee from merchants and businesses who use its payment network to process transactions, so Visa's profits rise and fall with the global economy as well as customers choosing to use a Visa debit or credit card over its competition or cash.
Roughly $3.799 trillion was processed on Visa's network last quarter, with the biggest growth coming from Central and Eastern Europe, the Middle East and Latin America. In the U.S., which accounts for roughly half of Visa's global payments volume, the number of payments rose 4.9%.
Archer Aviation founder and CEO Adam Goldstein shares big news about the aerospace company's new partnership with NASA and why they want to make your trip to the airport just five minutes long.
iFit CEO Kevin Duffy shares how the company is bringing artificial intelligence-powered workouts to consumers, plus other fitness trends to be on the lookout for in 2024.
Macy’s is rejecting a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management, saying they didn’t provide a viable financing plan. The firms offered $21 per share for the stock they don’t already own.
Sports Illustrated's employee union said in a statement that the layoffs would be a significant number and possibly all, of the NewsGuild workers represented.
CEO and founder of Pinstripes Dale Schwartz shares his thoughts on taking the company public, why they're set for growth this year, and why he's not concerned about inflation weighing on the restaurant sector.
With hype continuing to build for A.I. projects, expert insight on what companies seem poised to benefit, plus how it will impact the lives of everyday consumers.
